UK - Cognetas sells Global Solutions for £355m

Cognetas has sold Global Solutions (GSL) for £355m to London-listed G4S. The sale, subject to EU merger clearance and South African competition commission clearance, is expected to complete in 2008. Cognetas backed the management buyout of GSL in 2004 in a £207m transaction. At the time, Cognetas underwrote equity and debt to facilitate certainty for the vendor with an initial commitment of £105m. This was reduced within two months to £54m by introducing senior debt. The balance of the funding was provided by Englefield Capital on behalf of the Englefield Funds. Revenues at Global Solutions have increased from £291m in 2004 to £400m in 2007.