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G4S completes sale of cash handling businesses

Last updated: 04:12 07 Apr 2020 EDT, First published: 02:53 07 Apr 2020 EDT

G4S - G4S completes sale of cash handling businesses

G4S PLC (LON:GFS) surged on Tuesday after announcing the sale of its cash handling businesses to US peer The Brink’s Company is now completed.

The security firm said it has received over half of the £670mln in cash agreed as part of the deal.

READ: G4S could breach debt covenants under 'grey sky' coronavirus scenario - analyst

The transaction also comprises £60mln worth of net liabilities being passed to Brink’s.

As of 31 December, the group had £500mln in cash and £800mln in unutilised credit facilities.

It also had outstanding loans of £2.3bn, of which £56mln are due to be repaid this year.

“The sale of the majority of the group’s conventional cash businesses greatly enhances the group’s strategic, commercial and operational focus and strengthens further the group’s financial position,” G4S said.

Shares surged 14% to 92.14p on Tuesday morning.

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