Smiths Group, the FTSE 100 technology company, is selling its share of US biometric firm Cross Match Technologies.
The disposal of the minority interest in Florida-based Cross Match will raise a total of $77m although of that $8m is being put into an escrow account to cover working capital adjustments and to meet any possible legal claims for up to 15 months.
The buyer is private equity company Francisco Partners.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Smiths Chief Executive, Philip Bowman, said: "As I indicated at our interim results in March, we are looking to simplify our portfolio. This disposal helps us to focus on our core businesses in driving revenue growth, operational improvements, enhanced margins and strong cash conversion."
BS
-
Annual UK rent jumps £3,240 since Covid, says ZooplaZoopla finds rental costs have risen 27% since 2021, with rental costs far outstripping wages over that period
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
