Walker Morris’s pensions team has advised Capita on the pensions aspect of its acquisition of Northgate Managed Services (NMS) from Northgate Information Solutions for an enterprise value of £65m. The team was led by Walker Morris partner Jo Ratcliffe.
The £65m comprises £22m payable in cash consideration and, in addition, the assumption by Capita of a pension deficit of £17m net of tax relief and finance leases for equipment used in the business of £26m.
NMS provides cloud-based infrastructure solutions and specialist managed services to public, private and third-sector businesses.
Completion of the transaction is subject to approvals from the necessary parties.