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Paxys N.V. sells 100% of its equity interest in Paxys Australia Pty Ltd. to SmartGroup Investments Pty Ltd.

Paxys, Inc announces that on 30 March 2012, Paxys N.V., a wholly-owned subsidiary of Paxys, Inc. ("Paxys"), signed a Share Sale Agreement whereby Paxys N.V. sold 100% of its equity interest in Paxys Australia Pty Ltd ("Paxys Australia") to SmartGroup Investments Pty Ltd. The consideration for the sale is A$84.9 Million, subject to the fulfilment of closing conditions and certain adjustments.

The sale includes all of the subsidiaries of Paxys Australia consisting of SmartSalary Pty Ltd, SmartFleet Management Pty Ltd, SeQoya Pty Ltd, PBI Benefit Solutions Pty Ltd and Australian Vehicle Consultants Pty Ltd.

As of 31 December 2011, the consolidated net book value of Paxys Australia is A$34 Million (P1.5 Billion) and constitutes approximately 66% of Paxys' total consolidated net assets.

Paxys will continue to hold investments in the business process outsourcing industry and use the cash generated from the sale for future investment activities and general corporate purposes.

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"Paxys N.V. sells 100% of its equity interest in Paxys Australia Pty Ltd. to SmartGroup Investments Pty Ltd." was written by Mary under the Business category. It has been read 2386 times and generated 0 comments. The article was created on 02 April 2012 and updated on 02 April 2012.

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