Logica to offload stake in financial admin group

Logica, the FTSE 250 business and technology service company, announced on Tuesday the conditional sale of half of its stake in Silta Oy, the Finnish provider of payroll outsourcing business and financial management.

Silta Oy is a venture with Finnish insurance companies Varma Mutual Pension Insurance and Sampo Ojy.

The sale of a 50% interest - the gross asset value is estimated at £1.1m - was made to private equity company Sentica Partners and is subject to the approval of competition regulators.

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"The disposal will allow Logica to focus on its core competencies of IT and business services, in this particular instance around HR Business Process Outsourcing," the company said in a statement.

Logica announced yesterday that it had signed a letter of intent with Finnish insurance company Tapiola Group, to form a new company to provide information and communication technology (ICT) to the latter's local insurance companies.

BC