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Munich, Germany, 14 October 2019 - Representatives of CANCOM Group and Novosco Group Limited today signed a purchase agreement to acquire 100 percent of the shares of Novosco Group Limited. The acquisition of the parent company will make the entire Novosco Group, based in Belfast, United Kingdom, part of the CANCOM Group. The transaction is expected to be completed today.
The total volume of the transaction is approximately GBP 70 million. Of this amount, approximately GBP 60 million will be paid to the owners in cash. In addition, shares of the acquiring company CANCOM Ltd will be transferred to the sellers of the Novosco Group. The total amount of CANCOM Ltd shares handed out is 7.5 percent and the sellers will remain active in the operating business.
The Novosco Group is an IT service provider based in Belfast, United Kingdom, with offices in Dublin, Republic of Ireland and Manchester, United Kingdom. The company supports customers in the UK and Ireland primarily with managed services and cloud-based services. In addition, the company provides IT consulting and support services. Prior to the transaction, Novosco Group planned to achieve revenues of approximately GBP 55 million and an EBITDA margin of approximately 17 percent in fiscal year 2019. The company has around 300 employees. Together with the companies in the United Kingdom acquired last year, CANCOM is further expanding its market presence there with this transaction and will also be directly active in the Irish IT market for the first time.
CANCOM SE, Erika-Mann-Straße 69, 80636 Munich, Germany
ISIN DE0005419105, Frankfurt Stock Exchange (TecDAX, SDAX, Prime Standard)
Sebastian Bucher, Manager Investor Relations
+49 (0)89 540545193