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(Sharecast News) - BT Group said on Monday that it has agreed to sell its Spanish business to private equity firm Portobello Capital for an undisclosed sum.
The sale is part of the ongoing transformation of BT's Global unit, focused on delivering next generation networking, cloud and security services to multinational customers.
BT said it will retain a presence in Spain with offices in Madrid and Barcelona, access points to connect to its global network and its cyber security operations centre.
The Spanish business generated around £230m in revenue in the 2018/19 financial year.
Bas Burger, chief executive officer of Global, said: "Today's announcement is another key milestone in the execution of our strategy to make Global a more agile and customer focused business. The transaction is great for BT, for our people and for our customers.
"Through agreements with the Spanish business, it provides continuity to both our multinational and local customers. It also enables us to focus on what we do best: providing secure connectivity and digital solutions to multinational companies globally."
The deal is expected complete in the first half of 2020.
10 Jul 2023 17:30
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