Cancom sells UK and Ireland business to Telefónica Tech

Cancom sells UK and Ireland business to Telefónica Tech
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The €398m deal will see Cancom leave the UK and Ireland market completely and Telefónica expand its cloud and IT business.
Cancom is selling its UK and Ireland subsidiary, Cancom UK&I, to Telefónica Tech for €398m.
The deal will see Cancom divest entirely from the UK and Irish markets, while Telefónica’s subsidiary will take on 100pc of the share capital of Cancom UK&I, as well as its 600 employees.
Cancom is a Munich-headquartered provider of IT and cybersecurity services. Cancom UK&I was formed after the acquisition of a series of businesses by Cancom Group, including Belfast-based Novosco. Around 350 of the 600 Cancom UK&I employees are based in Belfast.

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