- Hg, the manager of HgCapital Trust (HGT), has announced the sale of Citation to KKR, with HGT set to realise cash proceeds of £25.8m on completion of the transaction.

The company said that based on the 31 March 2020 reported NAV, including all transactions announced to date and the increase in equity via tap equity issues over the second quarter of 2020, following completion of this transaction the pro-forma NAV of the trust is expected to be £970.5m.

KKR's investment in Citation, which is a provider of subscription-based HR and ISO services to SMEs, is being made through its European private equity fund, European Fund V, and through its Global Impact Fund.

Group chief executive of Citation Chris Morris said: 'We look forward to working with KKR, whose scale will help us continue to develop the platform as a truly trusted partner for our SME customers.'

Hg partner Joris Van Gool added: 'Hg and Citation have shown valuable collaboration over the last four years. Together we have helped to invest and reinforce Citation's products and services, executed on eight accretive transactions creating access to new verticals and new products for Citation's customers and driven a cloud data and artificial intelligence program.'

At 8:33am: [LON:HGT] Hg Capital Trust PLC share price was -0.75p at 246.75p

Story provided by