Primark Selling Yankee Group to Reuters for $72.5M

BOSTON (05/10/2000) - Primark Corp., based in Waltham, Massachusetts, said it has agreed to sell its subsidiary, Boston-based statement, Primark said it expects to sell the company within the next 30 days, pending regulatory approval.

The statement also said that the sale would help fund Primark's e-commerce initiatives as well as repay bank debt. Selling The Yankee Group would shed Primark's remaining information technology unit and allow it to focus solely on financial information services, said Joseph Kasputys, Primark's chairman and CEO.

Since "the sale of TASC to Litton Industries in 1998, The Yankee Group was the only remaining portion of Primark's information technology segment and no longer a part of our core business," said Kasputys.

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