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Ultra divests its Airport Systems business to ADB SAFEGATE
Ultra has agreed to sell its Airport Systems business to ADB SAFEGATE for a total consideration of GBP 22m, of which GBP 2m is deferred. The deferred payment will be made following the transfer of certain commercial contracts.
Assuming satisfaction of all closing conditions, the transaction is expected to complete by 31 January 2019, the company continues in a statement. For the year ended 31 December 2017, the Airport Systems business recorded revenues of £18.9m and operating profit of £3.2m after allocation of central overheads. The disposal will be marginally dilutive to the Group’s earnings for the year ending 31 December 2019. The gross assets of the Airport Systems business were GBP 7.2m as at 31 December 2017. Depending on when the transaction completes, it will result in either a goodwill write down or accounting loss on disposal of approximately GBP 8m. Simon Pryce, Chief Executive Officer of Ultra, commented: “Although Airport Systems has been a part of Ultra for some time, it has little customer, process or technology commonality with the rest of the Group. As part of our focus on long term sustainable value creation and after conducting an appropriate process, we have therefore concluded that a sale of Airport Systems to ADB SAFEGATE is the best long term solution for Airport Systems customers, employees and other stakeholders and represents good value for Ultra.”
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