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ISTEL MANAGEMENT BUYOUT VALUES COMPANY AT UKP35m

The Rover Group yesterday completed sale of 75% of Istel Ltd, its Redditch, Worcestershire computer systems and services subsidiary, to the management. Istel, valued at UKP35m, goes to management, employees and institutional investment consortium led by Kleinwort Benson. Rover gets UKP26.5m for the stake, of which UKP21.35m is payable in cash on or before completion. UKP1.8m is payable within six months of completion and UKP3.1m in the form of an interest bearing loan is repayable between 1991 and 1995. Istel made pre-tax profits of UKP4m in the year to December 31 1986 on UKP60m sales.

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