FD Technologies (LON:FDP) today announced that all conditions precedent to completion of the sale of the First Derivative Business to EPAM Systems, Inc have been satisfied. The Divestment is expected to complete on or around 2 December 2024.
After customary closing adjustments, transaction and separation costs, net cash proceeds are expected to be approximately £205 million.
The Board of FD Technologies has been considering the options to maximise shareholder value for more than 18 months, taking independent advice throughout the process. In October 2023, a formal review of the Group structure was announced, which enabled extensive consultation with shareholders and input from advisers. The aim of the review was to determine the optimal organisational structure and allocation of capital to best drive value for shareholders.
On 1 March 2024, the Board announced that it had unanimously concluded that the separation of its three businesses (KX, the First Derivative Business and MRP) was the most effective way to achieve these objectives and was in the best interest of shareholders.
