G4S agrees disposal of Israeli arm
G4S has agreed to sell its Israeli arm, G4S Israel, to private equity firm FIMI Opportunity Funds for an estimated net consideration of 425 million new Israeli Sheqel (£88m) in cash.
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G4S Israel provides manned security and security systems across the country. In the year to 31 December 2015, it generated pre-tax profit of £8m and had gross assets of £56m.
The FTSE 250 integrated security company said it will retain a presence in Israel through ownership and continued investment in the flagship national police training centre Policity in partnership with FIMI and Shikun & Binui, an Israeli infrastructure and real estate group.
As part of the deal, senior management in G4S Israel will stay on at the business at completion.
Chief executive officer Ashley Almanza said: "The sale of our business in Israel is part of our active portfolio management programme announced in 2013 to improve our strategic focus and capital discipline.
“G4S Israel is a well-managed business that will grow and prosper as part of the FIMI group providing a positive future for our 6,000 colleagues in Israel and long term, high quality service and support to customers operating in the Israeli market."