REG - Serco Group PLC - Acquisition of leading German immigration business

SercoAnnouncement

14/12/2023 07:15

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RNS Number : 7173W  Serco Group PLC  14 December 2023

 

Acquisition of European Homecare, a leading provider of immigration services
in Germany

 

14 December 2023

 

Serco has agreed to acquire European Homecare (EHC), a specialist provider of
immigration services to public sector customers in Germany.  The business is
to be acquired from Korte-Stiftung for €40m (£34m).  In the year ended 31
December 2023, revenue for EHC is expected to be around €150m (£130m).
Completion of the acquisition is subject to competition authority clearance.

 

EHC was one of the first private providers in the German immigration market
and has been delivering social services since 1989.  It is now a leading
private provider of immigration services in Germany, offering a full range of
services including accommodation, medical and social care, training and
education.  EHC has an experienced management team, over 2,000 employees,
manages over 100 facilities and provides accommodation and support for over
36,000 people seeking asylum.

 

This strategic acquisition will increase the reach and capability of Serco's
international immigration services platform which has substantial operations
in the UK, Australia and Europe.

 

Commenting on the acquisition, Mark Irwin, Serco Group Chief Executive, said:
"This strategic acquisition will complement our ORS operations and strengthen
our position as a leading partner in immigration services for European
governments.  There are complex and growing requirements for immigration and
asylum seeker support services globally and we have a strong track record of
providing high standards of service underpinned by our commitment to ensuring
that service users are treated with care and respect.  Increasing our
presence in Germany will expand the immigration support we already provide to
government customers in the UK, Australia and across Europe."

 

Serco - Impact a better future.

 

 

Ends.

 

 

For further information, please contact:

Paul Checketts, Head of Investor Relations | +44 (0) 7718 195 074 |
paul.checketts@serco.com (mailto:paul.checketts@serco.com)

Marcus De Ville, Head of Media Relations | +44 (0) 7738 898 550 |
marcus.deville@serco.com (mailto:marcus.deville@serco.com)

 

About Serco

Serco brings together the right people, the right technology and the right
partners to create innovative solutions that make a positive impact and
address some of the most urgent and complex challenges facing the modern
world.

 

With a primary focus on serving governments globally, Serco's services are
powered by more 50,000 people working across defence, space, migration,
justice, healthcare, mobility and customer services.

Serco's core capabilities include service design and advisory, resourcing,
complex programme management, systems integration, case management,
engineering, and asset & facilities management.

 

Underpinned by Serco's unique operating model, Serco drives innovation and
supports customers from service discovery through to delivery.

 

More information can be found at www.serco.com (http://www.serco.com)

 

Forward looking statements

This announcement contains statements which are, or may be deemed to be,
"forward looking statements" which are prospective in nature.  All statements
other than statements of historical fact are forward looking statements.
Generally, words such as "expect", "anticipate", "may", "could", "should",
"will", "aspire", "aim", "plan", "target", "goal", "ambition", "intend" or, in
each case, their negative or other variations or comparable terminology
identify forward looking statements.  By their nature, these forward looking
statements are subject to a number of known and unknown risks, uncertainties
and contingencies, and actual results and events could differ materially from
those currently being anticipated as reflected in such statements.  Factors
which may cause future outcomes to differ from those foreseen or implied in
forward looking statements include, but are not limited to: general economic
conditions and business conditions in Serco's markets; contracts awarded to
Serco; customers' acceptance of Serco's products and services; operational
problems; the actions of competitors, trading partners, creditors, rating
agencies and others; the success or otherwise of partnering; changes in laws
and governmental regulations; regulatory or legal actions, including the types
of enforcement action pursued and the nature of remedies sought or imposed;
the receipt of relevant third party and/or regulatory approvals; exchange rate
fluctuations; the development and use of new technology; changes in public
expectations and other changes to business conditions; wars and acts of
terrorism; cyber-attacks; and pandemics, epidemics or natural disasters.
Many of these factors are beyond Serco's control or influence.  These forward
looking statements speak only as of the date of this announcement and have not
been audited or otherwise independently verified.  Past performance should
not be taken as an indication or guarantee of future results and no
representation or warranty, express or implied, is made regarding future
performance.  Except as required by any applicable law or regulation
(including under the UK Listing Rules and the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority), Serco expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward looking statements contained in this announcement to
reflect any change in Serco's expectations or any change in events, conditions
or circumstances on which any such statement is based after the date of this
announcement, or to keep current any other information contained in this
announcement.  Accordingly, undue reliance should not be placed on the
forward looking statements.

 

LEI: 549300PT2CIHYN5GWJ21

 

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