Equiniti sells EQi D2C platform to Interactive Investor

Payments services group Equiniti said on Monday that it has agreed to sell the EQi direct-to-consumer customer business of Equiniti Financial Services to Interactive Investor for a consideration of up to £48.5m.

Equiniti said the sale to Interactive Investor was anticipated to complete during the summer of 2021, following a customer migration exercise, with the total consideration comprising £47.5m payable in cash at completion and up to a further £1.0m contingent on the timing of migrating all customers to Interactive Investor's platform.

Net proceeds of the sale will be used to reduce the group's overall debt.

Chief executive Cheryl Millington said: "This sale demonstrates further progress in focusing our activities and strengthening the group's balance sheet, reducing our leverage.

"This takes our total consideration from divestment of non-core assets to £63.8m and positions the group well for the future as we emerge from the Covid-19 crisis."

As of 0835 GMT, Equiniti shares were down 0.97% at 143.20p.