LONDON: CPP Group, a global provider of assistance products and services, has announced the disposal of its majority interest in Globiva Services, a Business Processes Management company in India, for a total of £5.1 million. The deal will be completed over a three-year period, ending in Q1 2027.
The sale is part of CPP Group’s strategy to transform itself into an InsurTech business, led by its subsidiary Blink Parametric. Globiva, which contributed £2.4 million to CPP Group’s EBITDA in 2022, is considered non-core to the Group’s future plans.
The buyers are the three founders of Globiva, who currently own 49% of the shares and manage the business. They will pay the Group in four instalments, based on Globiva’s audited EBITDA performance, until they acquire the full 51% stake.
The transaction is subject to the approval of the AIM Rules for Companies, as the Globiva founders are related parties to the Group. The Group’s directors and nominated adviser have confirmed that the terms of the deal are fair and reasonable for the shareholders.