Acquisition of Total IT Ltd
Date : 27 December 2003
Serco Group plc is pleased to announce that on 26 June 2001 the Companyacquired Total IT Ltd for a consideration of £1.175 million, of which £300,000 will be satisfied by new Serco Group plc shares.
Total IT Ltd is an information technology consultancy and project management company, providing an opportunity for Serco to expand its own consultancy business in a sector offering continuing growth potential.
Application has been made to the UK Listing Authority and the London Stock Exchange for the new 74,535 Ordinary 2p shares to trade on the London Stock Exchange and to be admitted to the Official list. Dealings are expected to commence on 29 June 2001.
Kevin Beeston, Chief Executive, Serco Group plc stated: -
"The acquisition of Total IT Ltd complements Serco's existing business and strengthens its capabilities in the area of IT consultancy. This acquisition further expands the base from which our consultancy business can grow. I look forward to personally welcoming staff and customers to Serco."
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