Cancom sells UK business to Telefonica

Telefonica

Spain’s Telefonica acquires British Cancom branch


(Photo: dpa)

Munich Munich-based IT services company Cancom sells its business in Great Britain and Ireland and wants to use the proceeds for acquisitions in German-speaking countries. British subsidiary Kancom. 390 million euros went to Telefonica Tech, which belongs to Spanish telecoms group Telefonica, Cancom announced Thursday night.

Cancom had only built the UK business in 2018 and 2019. Last year, the company generated €138 million in sales there – eight percent of the group’s sales – and an operating result (Ebitda) of around €20 million.

“Now our full attention is directed to the significant growth opportunities that we have in the DACH region,” said CEO Rudolf Hütter. Now he wants to go on a shopping tour in Germany, Austria and Switzerland (DACH) with the money he’s raised.

On the balance sheet, the sale was included with a written profit of €225 million because the transaction was on Cancom’s books at a lower value. The operating business outlook – big increases in sales and Ebitda – for 2021, adjusted for business sold, won’t change anything.

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