Premarket London: Sage Agrees Sage Pay Sale; South32 Beefs up Americas

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Premarket London: Sage Agrees Sage Pay Sale; South32 Beefs up Americas
Credit: © Reuters. -- Here is a rundown of regulatory releases firom the London Stock Exchange on Monday, 18th November. Please refresh for updates.

  • Software company Sage Group (LON: SGE ) has formally agreed to sell its Sage Pay business to U.S. Bancorp's (NYSE: USB_pa ) Elavon unit for 232 million pounds ($300 million). Sage expects to book a profit of 180 million pounds upon completion, which is expected in the the second quarter of next year. The companies had originally announced their intended deal in September.
  • The transaction still requires regulatory approval from the Federal Reserve and the Central Bank of Ireland.
  • Payments and banking services remain an integral part of Sage's value proposition and we will deliver them through our growing network of partnerships, including Elavon," Sage CEO Steve Hare said in a statement.
    • Mining group South32 (LON: S32 ) said it had appointed Guy Lansdown as a non-executive director to add some Americas expertise to its board.
    • Lansdown joins after a 20-year career with U.S. gold miner Newmont, now Newmont Goldcorp (NYSE: NEM ).
    • South32, which was spun off from BHP Billiton (LON: BHPB ) in 2015, is concentrating its activities more on metals mining, having entered into talks to sell its South African thermal coal operations in August.

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