Munich Munich IT service provider Cancom is parting ways with its business in Great Britain and Ireland and wants to use the proceeds for acquisitions in German-speaking countries. British subsidiary Cancom Ltd. is going for 390 million euros to Telefónica Tech, which belongs to the Spanish telecommunications group Telefónica, as Cancom announced on Thursday night.
Cancom had only built the business in the UK in 2018 and 2019. Last year, the company generated sales there of € 138 million, eight percent of the group’s sales, and an operating result (Ebitda) of almost 20 million euros.
“Now all of our attention is directed to the great growth opportunities we have in the DACH region,” said CEO Rudolf Hotter. Now she wants to go shopping in Germany, Austria and Switzerland (DACH) with the money she has raised.
On the balance sheet, the sale translates into an accounting profit of 225 million euros because the operation was on Cancom’s books with a lower value. The forecasts for the operating business – significant increases in sales and Ebitda – for 2021, adjusted for the business sold, will not change.
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