AB Traction: Traction divests its shares in Banking Automation Ltd
Sprintquip Pty Ltd has today agreed to purchase all shares in Banking Automation Ltd from Traction and the other shareholders. Banking Automation is an English company that develops, designs and distributes deposit machines, bill payment machines and cash exchange machines, primarily for banks, transport companies and shopping centres. Banking Automation was founded in 1984 and Traction has been an owner since 1986.
The consideration for Traction's shares is expected to be approximately £3M, which only has a marginal positive effect on Traction's result for 2017.
Reading, UK, December 19, 2017