leadf
logo-loader
viewBT Group PLC
(
LSE:BT.A
)

BT agrees sale of Spanish unit

The Spanish business generated revenues of roughly £230mln last year

BT Group PLC -
A map of of Anglo-Continental telephone routes from the BT archives

BT Group PLC (LON:BT.A) has agreed a deal to sell its Spanish business to private equity firm Portobello Capital for an undisclosed amount.

Portobello is buying BT Spain's domestic network infrastructure and managed services business, which generated roughly €270mln (£230mln) of revenue last year.

READ: BT reportedly agrees deal to sell Spain business

The FTSE 100 group is keeping a presence in Spain to service its global customers and has agreed with Portobello a wholesale agreement to access to the domestic infrastructure in the country, with Portobello becoming a reseller of BT's global products.

"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," said Bas Burger, chief executive officer of BT Global.

The deal, which expected to complete in the first half of 2020, is part of BT’s efforts to sell off non-core businesses, as it looks to service its massive debt pile and roll out its UK fibre broadband network.

Quick facts: BT Group PLC

Follow
LSE:BT.A

Price: 158.45 GBX

Market Cap: £15.72 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Iofina says 'our business has been strong' reporting record revenue and...

Iofina PLC (AIM:IOF, OTC:IOFNF, FRA:IF7) (AIM:IOF, OTC:IOFNF, FRA:IF7) Tom Becker joins Proactive London to explain what drove their record revenue and profit in the first half.  Debt also fell in the first half of the year despite production outages caused by extreme weather and reduced...

1 day, 3 hours ago

2 min read