Newcourt in takeover talks with property manager Ely

IEX-listed support services group Newcourt has begun takeover talks with property management business Ely.

A buy-out of all Ely shares, if agreed, is expected to be funded from a combination of Newcourt's internal resources, external debt and a market placing of Newcourt shares.

"These discussions are consistent with Newcourt’s stated strategy of pursuing value creating acquisition opportunities in key growth segments of the outsourced services markets," New court said today.

Ely is a specialist in property management and facilities management in Ireland and the UK with particular emphasis in the student accommodation, pre-school learning and private healthcare markets.