Computershare to sell 50% of Indian Karvy Computershare US$90m

Company News

by Jessica Amir

Computershare (ASX:CPU) has agreed to sell 50 per cent of its interest in Indian venture Karvy Computershare for US$90 million.

The Australian share transfer company is selling half of the division to General Atlantic, to build a simpler more transparent company.

The company expects to book a post-tax accounting gain of about US$120 million.

Computershare initially snapped up the interests in the business for US$8 million in 2004. The division has been contributing around 1.5 per cent to the group’s post tax earnings in recent periods.

Shares in Computershare (ASX:CPU) last traded 0.86 per cent higher to $14.10.

 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.