The Channel logo


By | Paul Kunert 4th November 2015 16:47

Sorry Xchanging staff, only Capita at negotiating table now

Private equity suitor Apollo pulls out of bidding

Tiny cries of anguish might have been heard across the City today as one of the suitors for London-based Xchanging confirmed it is standing up from the negotiating table, leaving only Capita seated.

LSE-listed Xchanging confirmed last month it had accepted Capita’s offer of 160 pence per share offer, valuing the BPO and software provider at £412m.

Private equity firm Apollo – which had bid 170 pence per share for the company – has now pulled itself out of the running, Xchanging confirmed.

“Apollo Investment Fund VIII has notified Xchanging that it is no longer interested in potentially making an offer for Xchanging,” it stated.

Senior management at Xchanging accepted Capita’s offer in October because it ensured a “minimum certain outcome for shareholders”.

There may well have been some hope among Xchanging staffers that Capita could be headed off at the pass by the private equity player but this is no longer the case ... still, we hear Capita has a lovely canteen that is priced competitively.

El Chan has published its share of stories about the jiggery-pokery by those caring souls at Capita. We’ll set up a help desk for the newbies from Xchanging if and when the deal closes.

Chin up people, Christmas is around the corner. ®

comment icon Be the first to post a comment! alert Send corrections


Frank Jennings

What do you do? Use manual typwriters or live in a Scottish croft? Our man advises
A rusty petrol pump at an abandoned gas station. Pic by Silvia B. Jakiello via shutterstock

Trevor Pott

Among other things, Active Directory needs an overhaul
Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella


Suit-and-tie-wearing man tries to meditate, take deep breaths in faux yoga pose. Photo by Shutterstock
Emotional intelligence, not tech skills, is the way to woo suits
League of gentlemen poster - Tubbs and Edward at the local shop. Copyright BBC
One reselling man tells his tale of woe