Prosegur Takes Over Services from Cash Subsidiary

Prosegur Compañia de Seguridad (Prosegur) and its listed subsidiary Prosegur Cash have reached an agreement for the acquisition, by the former, of most of the process outsourcing and value-added services business developed by Prosegur AVOS, which was founded and is owned by the latter.

The transaction will amount to €67 million minus net financial debt. The transaction is limited to the Spanish market, although both companies have agreed to jointly analyse the possibility of Prosegur acquiring the other activities of this business that Prosegur Cash carries out in other countries.

Prosegur AVOS commenced operations in 2015 as a business division of Prosegur Cash in response to the outsourcing opportunities offered by the financial sector (AVOS stands for Added Value Outsourcing). Since then, it has built up a workforce of more than 2,200 people and a portfolio of back-office services relating to the sale of financial services, anti-money laundering technology, document management and insurance and legal products.