August 11, 2020

The English Court sells its IT business to French Gfi




The English Court has agreed Sell ​​Informática El Corte Inglés (Iecisa) to Groupe Français d'Informatique (Gfi), reported the Spanish company, which has refused to quantify the amount of the operation, whose funds will be used to reduce debt. The closing of the sale of Iecisa, valued by the market at between 350 and 375 million and for which the HIG investment fund was also bidding, is subject to the approval of the competent authorities.

Founded in 1998 and specialized in technology consulting, Icecisa, which employs about 2,700 people, billed 703 million euros in its last financial year.

"The agreement will provide new growth opportunities for Iecisa that will be integrated into a group that will have more than 23,000 professionals and will invoice more than 2,300 million euros," the Spanish company said in a statement.

Likewise, it will continue to provide services to the El Corte Inglés Group within the framework of the digital transformation carried out by the Spanish distribution company.

According to the same source, Gfi has especially valued the know-how (know-how) of the technology consultancy Spanish and its positioning both in the national market and in Latin America.

"The transaction will allow both companies to generate synergies, access new markets and enrich their respective consulting and service offerings. This combination will lead to the creation of a new European technology leader that will have strong growth potential," the statement said.

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