Vianet finalises sale of fuel solutions business

Vianet Group completed one of its larger sell-offs over the weekend, disposing of Vianet Fuel Solutions (VFS) to buyer Wayne Fueling Systems.

The AIM-traded company - which specialises in real-time monitoring systems, data management services and insights for the leisure and vending sectors - initially announced the plans on 8 December 2015.

Vianet said it would receive a cash consideration of £3.5m for the deal on a debt-free cash basis, subject to a potential adjustment for the working capital of VFS at completion.

It also said inter-company balances would be written off before completion.

"The impact of the transaction on the retained profit and overall equity of the group is expected to be negligible; the impact of the profit on the sale of the net assets will be set off against the impairment of goodwill," the company's board said at the time.

Vianet confirmed the deal was completed on 31 January 2016, but did not give any indication as to whether the final consideration receive was adjusted prior to the deal going through.