(Boursier.com) — Sopra Steria announces the proposed 100% acquisition of Shared Services Connected Ltd (SSCL), a joint venture founded by Sopra Steria and the Cabinet Office in the United Kingdom. As the joint venture prepares to celebrate its 10th anniversary, the Cabinet Office will sell its 25% stake to Sopra Steria, as permitted under the initial contract. SSCL will become a 100% subsidiary of Sopra Steria.
Sopra Steria will buy back this 25% stake for £82.3 million in cash. This operation will have an accretive effect on Sopra Steria’s net income and earnings per share from day one.
Since Sopra Steria founded the company alongside the Cabinet Office in 2013, SSCL has become the largest provider of support services on critical missions, including to the UK Government, the Ministry of Defence, the Metropolitan Police Service and of the Construction Industry Training Board (CITB), providing shared services on a large scale.
SSCL provides core and specialist digital solutions to the public sector, including pension administration, human resources management and payroll, finance and accounting, recruitment, contact center, data analysis and purchasing services.
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