G4S sells Canadian division of cash solutions unit for £61m

 
Suzie Neuwirth
OUTSOURCING company G4S has sold the Canadian arm of its cash solutions business to Garda World for C$110m (£61m), having rejected a £1.55bn offer for the entire unit last October.

The FTSE 100-quoted firm, which is struggling to turn around its reputation after a series of high-profile scandals including allegations of fraud, said on Saturday that it remains “fully committed to the security market in Canada” and will continue to provide a wide range of security services there. As part of the acquisition, around 2,400 G4S Cash Solutions employees will join the cash services unit of Canadian security firm Garda World.

In October, G4S called private equity firm Charterhouse Capital Partners’ £1.55bn offer for its cash solutions business “highly opportunistic” and claimed it undervalued the unit.