FD Technologies plc (LON:FDP) announces that it has entered into an agreement to sell the Group’s First Derivative Business to EPAM Systems, Inc. for an enterprise value of £230 million.
The Divestment is expected to complete in the fourth quarter of 2024, subject to shareholder approval, amongst other things.
After customary closing adjustments, transaction and separation costs, net cash proceeds are expected to be approximately £205m.
The Divestment constitutes a fundamental change of business under AIM Rule 15 and is conditional upon, among other things, shareholder approval by ordinary resolution at a general meeting.
The Board has been considering the options to maximise shareholder value for more than 18 months, taking independent advice throughout the process….
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