Thursday June 4, 07:56 AM
UPDATE 1-UK watchdog says Capita must sell part of IBS
LONDON, June 4 (Reuters) - Britain's competition regulator said on Thursday back-office outsourcing firm Capita must sell part of the IBS OPENSystems (LSE: OPN.L - news) software business it acquired last year for 78 million pounds ($127 million).
Capita said it is in early discussions with interested parties regarding the partial sale.
The Competition Commission said the deal would result in a substantial lessening of competition in the market for revenues and benefits (R&B) software systems, which are used by local authorities to collect council tax and distribute benefits.
The decision confirms the Commission's provisional findings which were published in April.
The Commission said it is now requiring Capita to sell the R&B business of IBS (Stockholm: IBS-B.ST - news) as soon as possible.
If no suitable sale is achieved, Capita will be required to sell the entire IBS business, the Commission said.
($1=.6144 Pound)
(Reporting by Matt Scuffham) Keywords: CAPITA/
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