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RNS Number : 7173W
Serco Group PLC
14 December 2023
Acquisition of European Homecare, a leading provider of
immigration services in Germany
14 December 2023
Serco has agreed to acquire European Homecare (EHC), a
specialist provider of immigration services to public sector
customers in Germany. The business is to be acquired from
Korte-Stiftung for EUR40m (GBP34m). In the year ended 31 December
2023, revenue for EHC is expected to be around EUR150m (GBP130m).
Completion of the acquisition is subject to competition authority
clearance.
EHC was one of the first private providers in the German
immigration market and has been delivering social services since
1989. It is now a leading private provider of immigration services
in Germany, offering a full range of services including
accommodation, medical and social care, training and education. EHC
has an experienced management team, over 2,000 employees, manages
over 100 facilities and provides accommodation and support for over
36,000 people seeking asylum.
This strategic acquisition will increase the reach and
capability of Serco's international immigration services platform
which has substantial operations in the UK, Australia and
Europe.
Commenting on the acquisition, Mark Irwin, Serco Group Chief
Executive, said: "This strategic acquisition will complement our
ORS operations and strengthen our position as a leading partner in
immigration services for European governments. There are complex
and growing requirements for immigration and asylum seeker support
services globally and we have a strong track record of providing
high standards of service underpinned by our commitment to ensuring
that service users are treated with care and respect. Increasing
our presence in Germany will expand the immigration support we
already provide to government customers in the UK, Australia and
across Europe."
Serco - Impact a better future.
Ends.
For further information, please contact:
Paul Checketts, Head of Investor Relations | +44 (0) 7718 195
074 | paul.checketts@serco.com
Marcus De Ville, Head of Media Relations | +44 (0) 7738 898 550
| marcus.deville@serco.com
About Serco
Serco brings together the right people, the right technology and
the right partners to create innovative solutions that make a
positive impact and address some of the most urgent and complex
challenges facing the modern world.
With a primary focus on serving governments globally, Serco's
services are powered by more 50,000 people working across defence,
space, migration, justice, healthcare, mobility and customer
services.
Serco's core capabilities include service design and advisory,
resourcing, complex programme management, systems integration, case
management, engineering, and asset & facilities management.
Underpinned by Serco's unique operating model, Serco drives
innovation and supports customers from service discovery through to
delivery.
More information can be found at www.serco.com
Forward looking statements
This announcement contains statements which are, or may be
deemed to be, "forward looking statements" which are prospective in
nature. All statements other than statements of historical fact are
forward looking statements. Generally, words such as "expect",
"anticipate", "may", "could", "should", "will", "aspire", "aim",
"plan", "target", "goal", "ambition", "intend" or, in each case,
their negative or other variations or comparable terminology
identify forward looking statements. By their nature, these forward
looking statements are subject to a number of known and unknown
risks, uncertainties and contingencies, and actual results and
events could differ materially from those currently being
anticipated as reflected in such statements. Factors which may
cause future outcomes to differ from those foreseen or implied in
forward looking statements include, but are not limited to: general
economic conditions and business conditions in Serco's markets;
contracts awarded to Serco; customers' acceptance of Serco's
products and services; operational problems; the actions of
competitors, trading partners, creditors, rating agencies and
others; the success or otherwise of partnering; changes in laws and
governmental regulations; regulatory or legal actions, including
the types of enforcement action pursued and the nature of remedies
sought or imposed; the receipt of relevant third party and/or
regulatory approvals; exchange rate fluctuations; the development
and use of new technology; changes in public expectations and other
changes to business conditions; wars and acts of terrorism;
cyber-attacks; and pandemics, epidemics or natural disasters. Many
of these factors are beyond Serco's control or influence. These
forward looking statements speak only as of the date of this
announcement and have not been audited or otherwise independently
verified. Past performance should not be taken as an indication or
guarantee of future results and no representation or warranty,
express or implied, is made regarding future performance. Except as
required by any applicable law or regulation (including under the
UK Listing Rules and the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority), Serco expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward looking statements contained in this
announcement to reflect any change in Serco's expectations or any
change in events, conditions or circumstances on which any such
statement is based after the date of this announcement, or to keep
current any other information contained in this announcement.
Accordingly, undue reliance should not be placed on the forward
looking statements.
LEI: 549300PT2CIHYN5GWJ21
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