Munich The Munich IT service provider cancom sells its business in Great Britain and Ireland and wants to use the proceeds for acquisitions in German-speaking countries. The British subsidiary Cancom Ltd. goes for 390 million euros Telephone Tech, which belongs to the Spanish telecommunications group Telefónica, as announced by Cancom on Thursday night.
Cancom only built the UK business in 2018 and 2019. According to previous information, the company generated sales there last year of 138 million euros – eight percent of group sales – and an operating result (Ebitda) of almost 20 million euros.
“Now all our attention is on the great growth opportunities we have in the DACH region,” explained CEO Rudolf Hotter. Now she wants to go shopping with the money she raised in Germany, Austria and Switzerland (DACH).
The sale is included on the balance sheet at an accounting profit of €225m because the transaction was minor on Cancom’s books. Adjusted for the business sold, nothing has changed in the operating business forecasts -significant increases in sales and Ebitda- for 2021.
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