The Sage Group plc (SGE.L) has entered into an agreement for the sale of its Sage Pay business to Elavon, global merchant acquirer and subsidiary of U.S. Bancorp (USB). The total sale consideration is approximately 232 million pounds. Sage Pay is a provider of payment gateway services in the United Kingdom and Ireland.
The completion of the deal is subject to Elavon obtaining regulatory approval by the Board of Governors of the Federal Reserve System in the United States as well as the Central Bank of Ireland.
Sage expects to report a statutory profit on disposal of approximately 180 million pounds on completion.
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