Hogg Robinson shares soared in early morning trading on the back of acquisition and disposal news.
The travel company Hogg Robinson Group has agreed to sell its software-as-a-service business Fraedom to Visa for £141.75m
The Hogg Robinson board has also announced that it has reached agreement on the terms of a recommended cash acquisition of Hogg Robinson by Global Business Travel Holdings (GBT) – valuing the company at approximately £376m-£410m.
Hogg Robinson stated that if the sale of Fraedom is completed by the time of the Global Business Travel takeover, shareholders will get 120p for each share held. If not, they will get 110p a share.
The Fraedom disposal is expected to complete by March 12, Hogg Robinson said, adding that it must complete by April 30 or the deal will terminate.