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G4S receives interest for cash division it plans to separate

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G4S receives interest for cash division it plans to separate
A G4S security van is seen parked outside a bank in Loughborough, central England, August 28, 2013. REUTERS/Darren Staples/File Photo   -   Copyright  Darren Staples(Reuters)
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(Reuters) – Britain’s G4S, the world’s biggest security firm, said it had received unsolicited interest from firms looking to buy its cash division, after it announced plans in December to separate the unit.

The British company, which provides security, cash and some sensitive government services, said in December it would look to demerge or list its £1.1 billion a year cash business, to create two independent businesses that can focus on their customers and markets.

G4S said on Tuesday it received unsolicited expressions of interest to acquire the global cash solutions business and/or its retail cash solutions operations. The company added that it would continue to consider all options.

The cash business, which includes Cash 360 machines operated by retailers as well as a cash transport business and has roughly 30,000 staff, has been growing strongly in some parts of the world despite the trend towards less cash usage in developed markets. The business accounts for about 15 percent of the company’s 7.3 billion pound annual turnover.

G4S said it plans to start the process of separation of the cash business in the second half of the year.

It also reported adjusted profit before interest, tax and amortisation of 474 million pounds for the full year, in line with restated estimates released by the company last Wednesday.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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