El Corte Inglés and Inetum sign an agreement for Iecisa

El Corte Inglés and Inetum sign an agreement for Iecisa

The company will be incorporated into the French group to create a new technology leader.

Acquisition
  • The French group Inetum acquires 100% of El Corte Inglés IT to create a great European technology leader with a vast international presence.

  • The agreement will provide new growth opportunities for Iecisa who will join a group with over 23,000 professionals and a turnover amounting to more than 2,300 million euros.

  • The Inetum Group especially values the know-how of the Spanish technology consultancy firm and it's position in the national market and in Latin America.

  • The transaction is subject to the approval of the competent authorities.

 

El Corte Inglés and the Inetum Group have reached an agreement whereby the latter will acquire 100% of the shares of El Corte Inglés IT (Iecisa). This will allow the Spanish technology consultancy firm to begin a new stage of growth hand in hand with a large specialized group with a vast international presence.

Inetum especially values Iecisa's know-how, as well as its strong position both in national and Portuguese markets, as well as 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 with strong growth potential. Inetum relies on the talent of Iecisa and Inetum professionals to lead this business project to success.

Both Iecisa and Inetum share the same values of innovation, teamwork and strong commitment to their clients. A global business vision, together with personalized attention and service for each client, are also part of the corporate culture of both companies.

The technological group resulting from the agreement will have a workforce of more than 23,000 people and a turnover of more than 2,300 million euros. Likewise, it will continue to provide services to the El Corte Inglés Group within the digital transformation framework set out by the Spanish distribution company.

El Corte Inglés will mainly use the amount of the transaction to reduce its debt.

The transaction is subject to the approval of the competent authorities.

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