Transaction Capital jumps as it inks R720m deal for Australia debt-collection unit

Shares of Transaction Capital lifted almost 6% on Friday morning after it said it had agreed to sell its Nutun debt collection business in Australia for a total consideration of A$58.3 million (R721 million).

Nutun Australia is mainly involved in the business of contingency-based and first-party debt collection and rehabilitation services via its operating subsidiary, Recoveries Corporation Holdings. The buyer, Allegro, is an Australian alternative investments company with approximately A$4 billion (R49.5 billion) assets under management.