Persol Holdings announced plans to sell its Australian subsidiary Programmed to locally listed Service Stream. The sale price is expected to be approximately ¥120 billion, and completion of the share transfer is scheduled for 1 March 2027.
Persol Holdings announced that it would sell its Australian subsidiary Programmed to local infrastructure maintenance and management company Service Stream. The sale price is expected to be approximately ¥120 billion, and completion of the share transfer is scheduled for 1 March 2027.
The gain on sale is expected to be approximately ¥50 billion in the fourth quarter of the fiscal year ending March of the same year, meaning that Persol will divest the business approximately 10 years after acquiring it in 2017.
As part of the transfer process, Persol reportedly signed an agreement dated the same day to transfer all shares of Persol Australia Holdings, the holding company that owns Programmed, to a wholly owned subsidiary of Service Stream.
Programmed provides office cleaning and facilities management, maintenance and management of electrical equipment and plumbing, management services for large facilities, and maintenance services for industrial machinery. While its multiyear contracts are expected to provide stable revenue, the company explained that it aims to reallocate management resources from the maintenance business from a capital-efficiency perspective, compared with its staffing business.