According to G4S, In the year to 31 December 2015, G4S Utility Services generated profit before taxation of £8 million. At 31 December 2015 the business had gross assets of £48 million and net assets of £18 million.  As part of the transaction, senior management in G4S Utility Services will remain with the business at completion.

Commenting on the transaction, G4S Group Chief Executive, Ashley Almanza, said:  “The sale today of the utility business is part of the Group’s portfolio management programme which is greatly improving the Group’s strategic, commercial and operating focus. To date we have closed or concluded binding agreements to sell 32 businesses, with aggregate disposal proceeds of £433 million since the start of the programme in 2013.”