Swiss Post sells Swiss Post Solutions for 375 million francs
Swiss Post is selling its subsidiary Swiss Post Solutions to a private equity firm. Swiss Post's subsidiary is being acquired by AS Equity Partners, which is based in Freienbach SZ and London. The Syndicom trade union criticizes the sale.
The transaction values Swiss Post Solutions SPS, which is active in document management, at an enterprise value of 375 million francs, Swiss Post announced Monday. The sale is part of the implementation of the "Post of tomorrow" strategy, which includes an ongoing review of Swiss Post's portfolio.
Speculation arose in stock market circles last summer that Swiss Post could float SPS on the Swiss stock exchange. At the time, a possible total enterprise value of 400 to 500 million francs was rumored. Swiss Post's plans for an IPO of SPS, which had not been officially communicated, have thus apparently been definitively dashed.
SPS has become a leading provider of business process outsourcing and document management solutions, Swiss Post writes. SPS has been growing for several years, primarily in its core markets of Asia, the United States and Europe. In order to continue to grow successfully, investments and acquisitions are in the pipeline for SPS abroad.
Sale as the best strategic option
Against this background, the question arose as to whether Swiss Post was still the appropriate owner, Swiss Post explained its approach. After examining various strategic options, Swiss Post therefore came to the conclusion that a sale was the best option. Swiss Post wants to focus on its core business itself and invest "where the basic service and logistics for Switzerland are sustainably expanded and strengthened."
SPS employs around 7800 people globally in more than 20 countries. These will be acquired by AS Equity Partners. Customers include in particular banks, insurance companies, telecommunications providers and companies in the healthcare sector.
The sale agreement was signed last Friday and the effective acquisition is expected to close in the following months, subject to regulatory and closing conditions.
Union criticizes sale
The Syndicom trade union criticized the sale in a statement on Monday. It said the employees' working conditions were at acute risk unless SPS agreed to extend the social partnership. Swiss Post is now shirking its responsibility for these people and is collecting handsomely for it.
Syndicom wants to discuss the continuation of the social partnership with the SPS leadership. The union is demanding that CLA negotiations take place. The CLA expires at the end of 2022, and negotiations to extend it are planned for the spring. (SDA)
