27 January 2020
(LEI Number: 213800CTZ7TEIE7YM468)
The Board of UIL Limited (the "Company") is pleased to announce the signing of an agreement for the sale of UIL's investment in Optal Limited ("Optal"), UIL's fourth largest holding and largest unlisted investment.
Optal is a leading global fintech offering digital payment solutions including virtual account numbers (VAN), credit and debit solutions for large scale payments in the travel, insurance and other industries. A definitive agreement for the sale of Optal and eNett International (a joint venture between Optal and Travelport Worldwide Limited which provides a VAN based travel commerce platform) has been signed with WEX, Inc (NYSE:WEX) for a total consideration of US$1.7 billion comprising approximately $1.275 billion in cash and approximately 2 million shares of WEX common stock. The sale is subject to various conditions, including regulatory approvals, and is expected to complete in mid 2020.
UIL's investment in Optal represents approximately 7.3% of UIL's investment portfolio. The transaction is not expected to have a material impact on UIL's net asset value.
Charles Jillings, Chief Executive at ICM Investment Management Limited, said
"Having been long term shareholders and supporters of the company, the acquisition by WEX is a testament to the high growth, quality business that the teams at Optal and eNett have built in less than a decade - becoming one of the largest global providers of digital payments technology. We look forward to seeing the combined platform grow to the next level."
Name of contact and telephone number for enquiries:
ICM Investment Management Limited
Telephone: 01372 271486
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