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Capita gets lower-than-expected bids for education software unit – Bloomberg News

Oct 15 (Reuters) – British outsourcing group Capita Plc received lower-than-expected final offers for its Education Software Solutions unit, Bloomberg News reported on Thursday, citing people with knowledge of the matter.

The London-listed company in June put the division, whose platform SIMS is used by 21,000 schools in England, Wales and Northern Ireland, up for sale to secure at least 500 million pounds ($645.80 million).

Capita declined to comment on the Bloomberg report.

Shares of the company closed down 7.5% at 25.84 pence on Thursday and at that price the company has market capitalisation of about 432 million pounds.

Last month, a source told Reuters that European private equity house CVC Capital Partners was exploring a possible bid for the unit, adding the Capita had also reached out to other buyout funds.

According to Bloomberg, private equity firms Bain Capital and TPG, which had earlier been pursuing the unit, dropped out of the process and did not submit binding proposals by this week’s deadline. (bloom.bg/3lMSIOo)

Bain Capital and TPG did not immediately respond to Reuters’ requests for comment.

$1 = 0.7742 pounds Reporting by Shanima A in Bengaluru; Editing by Amy Caren Daniel

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