Clarity Business Travel, a corporate travel agency based in the UK, plans to purchase two corporate travel businesses for £36.5 million ($46 million).
Capita, a publicly traded business IT company based in London, said Thursday that it plans to sell subsidiaries Agiito and Evolvi, pending regulatory approvals.
Clarity is the business travel and events division of the Portman Travel Group.
Clarity is expected to pay Capita £8 million ($10.2 million) in cash upon completion of the transaction, plus another £8 million 12 months later. Clarity is assuming working capital and debt liabilities, which makes up the difference between the sales value and the cash payments.
The senior management teams and employees of Agiito and Evovli will remain as the companies transfer to the buyer, according to Capita.
Revenue in 2022 for the two companies being sold was £31 million ($39.4 million), and profit before tax was £4 million ($5.1 million), according to Capita. Gross assets are valued at £76 million ($96.5 million).