Serco sells UK transport technology business

Serco announced yesterday that it has sold its London streets maintenance and UK transport technology business to Cubic Corporation for £43.5m. The FTSE 100 outsourcer, which lost out on a contract to run prisons in South Yorkshire last week and is under investigation by the Serious Fraud Office for its electronic tagging work, said the sale was part of its efforts to get rid of non-core parts of the business.