Redcentric (AIM:RCN) has completed the sale of Redcentric Data Centres to Stellanor Datacenters Group Limited.
The AIM-listed IT managed services provider first announced the disposal on 1 May, when it estimated total cash consideration of £122.85 million.
Redcentric received £115.4 million of that sum on 30 April, with the remainder subject to post-completion adjustments.
The final completion statement has now been agreed at £124.90 million, higher than originally estimated.
Redcentric has received the balancing payment of £9.46 million from Stellanor to complete the transaction.
News Intelligence what this means for the company
Redcentric completed its data centre sale to Stellanor for £124.90 million, £2.05 million above the May estimate, after receiving a final £9.46 million balancing payment. The company has now fully exited its data centre operations and is positioned to execute its capital return plan, having locked in proceeds slightly better than originally guided.
The modest upside to the sale price (1.7% above estimate) does not materially alter the investment case; what matters is that Redcentric has now collected the full proceeds and can proceed with its stated shareholder distributions and balance sheet restructuring without further contingency risk on the disposal itself.
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