Anite plc ("Anite" or "the Group") today announces that it has signed and completed a sale and purchase agreement under which it has sold its Travel business through the divestment of the entire issued share capital of Anite Travel Limited ("Travel") to LDC, the leading UK mid-market private equity house, and Travel's management for a total cash consideration of £45.0m (the "Disposal"). The consideration is subject to customary completion adjustments and £1.7m will be held in escrow at completion.

Reasons for and benefits of the Disposal
Anite's stated strategy is to reinforce its position as a global leader in wireless test solutions. In recent years, the Wireless division has contributed in excess of 75% of the Group's total revenue and operating profit.  Anite has grown its wireless customer base by investing in technological leadership, expanding into adjacent markets and executing on its technology roadmap. This has included both significant organic investments in research and development, which has been running at an annual rate in excess of £10.0m in recent years, as well as strategic acquisitions, including that of Propsim acquired in January 2013.

At the same time, Anite has continued to develop the Travel business, thereby enhancing its long-term value. This has led to an inflection point in the performance of Travel, evidenced by its strong order book, increased recurring revenue and long-term revenue visibility.

Reflecting Anite's strategy to focus on the Wireless division, the inflection point reached in the performance of Travel and the prospects for the underlying leisure travel industry, the Board initiated a sale process.  The level of interest and indicative prices received from a number of potential buyers was encouraging and the Board therefore decided to proceed with the Disposal. The Board believes that LDC, the successful bidder, is committed to continuing the investment in and development of Travel to the benefit of its customers, employees and shareholders.

The Board believes that the disposal price is a fair reflection of the value of Travel - taking into account its prospects and market position. The timing of the Disposal is right in terms of the next stage of Travel's long-term development.

In summary, the Board believes that the Disposal will enable Anite to focus on the wireless market and the growth opportunities that it offers, whilst continuing to concentrate on maximising long-term shareholder value.

Principal terms of the Disposal
LDC will acquire the entire share capital of Travel from Anite on a cash free / debt free basis for a cash consideration of £45.0m subject to certain adjustments for working capital. £1.7m of the consideration will be held in an escrow account subject to the satisfactory resolution of certain commercial considerations.

Key members of Travel's management team, including Mike Kingswood and Malkit Chana, will continue to lead the Travel business and have invested alongside LDC in an MBO type structure.
Travel will remain in its current premises. Anite and Travel have entered into a reciprocal service agreement to provide each other with data centre and hosting services.

Commenting on the Disposal, Christopher Humphrey, Chief Executive, said:
"The sale of Travel is the culmination of the work done to improve its performance ready for disposal, thereby maximising proceeds. We believe it is good news for both Anite's shareholders and Travel's customers and employees; it will enable us to focus on and accelerate the growth of the Wireless businesses whilst, under LDC's ownership, Travel can take the next step in its growth story.

"We are grateful to the management and staff of Travel for their hard work in transforming the business. They have done a great job. The transaction is testament to the quality of Travel's people and solutions and we wish them every success in the future.

"The sale of Travel is consistent with our long stated strategy to reinforce Anite's position as a global leader in wireless test solutions. As a focused business with a strengthened balance sheet, we will be better able to take advantage of growth opportunities in the wireless market.

"We look forward to developing the business as a 'pure-play' Wireless company."

For further information, please contact:              

Anite Travel Mike Kingswood
Managing Director
Tel: +44 1753 804022
www.anite.com

About Anite Travel
Anite Travel provides reservation and e-commerce solutions to enable travel companies to operate more efficiently. It has been developing software solutions for tour, cruise and ferry operators for over 30 years. Based in Slough, UK, with offices in North London and Sussex, Anite Travel employs around 160 people.

About LDC
LDC (Managers) Limited ("LDC") is part of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority. LDC backs ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions. LDC invests in a broad range of sectors and has particular experience in Construction & Property, Financial Services, Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure and Support Services. LDC has a UK regional network alongside an international operation based in Hong Kong. For further information visit www.ldc.co.uk.

About Anite
Anite plc is one of the world's leading providers of software and solutions to the international wireless market, supplying major device, chipset and network equipment manufacturers, mobile operators and test houses. It provides mobile device, infrastructure and network testing systems based on its specialist sector knowledge and on its proprietary software and hardware products.

Its 400+ staff work from headquarters in the UK and from offices in 16 countries across Europe, the Americas, Asia and the Middle East.

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