August 11, 2020

The English Court sells its computer subsidiary to the GFI Group to reduce debt



The English Court announced on Tuesday the sale of Informatica El Corte Inglés (Iecisa) to the French company Grupo Gfi. The subsidiary of the shopping center company reached a turnover of 703 million euros in the last fiscal year (closed February 28, 2019).

The English Court has not published the amount of the sale of Iecisa although it has confirmed that "it will mainly allocate the amount of the operation to reduce debt." The department store firm had a liability of 3,367 million euros at the end of its fiscal year last February.

Attempts to reduce the liability is one of the main objectives of the new management, which has put in place a plan of sale of real estate and other non-strategic assets, such as Optica2000, which allowed it to close the 2018 fiscal year with a debt reduction of 12.2% over the previous year. In this line, El Corte Inglés had to close two centers for the first time in its history.

Market sources say that the objective of El Corte Inglés was to get about 350 million for its computer subsidiary but the initial offers for the company were around 200 million.

The GFI Group has 20,000 employees and generated a turnover of 1,395 million euros in 2018. This French company is immersed in an expansion plan that has led to the purchase of companies in several countries.

. (tagsToTranslate) Court (t) English (t) informatics (t) GFI (t) reduce



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