Disposal of G4S Holdings France SAS
G4S, the international security solutions group, today announces that it has reached agreement with Neo Securite SAS (“Neo Securite”) for the sale of the entire shareholding of its manned security business in France, G4S Holdings (France) SAS, and that company’s operating subsidiaries (together “G4S France”).
Neo Securite is a newly incorporated company, funded by members of a management buy-in team led by Mr Jean-Michel Houry, previously a senior executive of Brink’s Europe.
The divestment is expected to complete by the end of February 2009. G4S France has gross assets of £28m.
This transaction concludes the divestment process of G4S businesses in Germany and France as announced in March 2008. The financial impact of these divestments is that cash proceeds of £43m have been received and a non cash charge relating to the impairment of goodwill of £28m will be incurred in the financial year ended 31 December 2008.