G4S, the leading global security and outsourcing group, announces that it has reached an agreement with Garda World, to sell G4S Cash Solutions (Canada) Limited, for an aggregate consideration of approximately £67m (C$110 million)
Sale of G4S Cash Solutions Canada
The completion of the transaction is subject to customary closing conditions and regulatory approvals. Closing is expected before the end of this year.
Commenting on the proposed divestment, Ashley Almanza, G4S Group Chief Executive said:
“G4S is a global leader in cash solutions and with our proven capability and decades of experience, we are well positioned to grow this business segment from the strong market positions we enjoy around the world.
We believe that this transaction represents the best value for our shareholders and it will enable us to focus our resources and expertise in faster growing markets elsewhere in the world. We also believe that the transaction with GardaWorld will create sustainable benefits for our cash services customers and employees in Canada.
We remain committed to the security market in Canada and will continue to provide security services to a wide range of local, national and multinational customers.”
G4S and GardaWorld will be working with customers and employees and their representatives to ensure a smooth transition once the necessary approvals have been obtained.