By Jo Francis, Tuesday 14 November 2017
Deutsche Post DHL has separated out the assets and liabilities of Williams Lea Tag as it prepares to finalise the sale of the business.
The German postal and logistics giant is in the process of selling the marketing communications outsourcing business to private equity house Advent International.
In its latest financial filing Deutsche Post DHL has classified Williams Lea Tag, which is part of its Supply Chain division, under 'assets held for sale and associated liabilities'.
As at 30 September, the Williams Lea Tag business was listed as having total assets of €589m (£527m). This was made up of non-current assets of €302m (including €73m of goodwill), current assets of €273m, and €14m in cash.
Current provisions and liabilities were €192m, plus €36m of non-current liabilities, giving total equity and liabilities for the business of €228m.
“The most recent measurement of the assets and the disposal group did not indicate any impairment,” Deutsche Post DHL stated in its report.
It said that following the approval of the relevant competition authorities last month, “the aim is to complete the transaction in the fourth quarter.”
Deutsche Post DHL acquired a majority 66% stake in Williams Lea in 2006 for €316m, with the fair value of the remaining minority stake put at €185m at the time. Later the same year Williams Lea also expanded significantly with the acquisition of The Stationery Office.
Williams Lea Tag employs more than 10,000 people worldwide, at locations across 40 countries. Its EMEA headquarters are in London.