Madrid, July 29th 2021. Telefónica Tech has agreed with Cancom Group to acquire Cancom UK&I for 398 million euros. Telefónica Tech continues with its organic and inorganic growth plan, which is enabling it to consolidate its position as the leading company in digital transformation.

The deal, at a multiple of 13.5x EV/OIBDA (based on 2021E), will strengthen the capabilities of Telefónica Tech’s Cloud and Cybersecurity division in the UK and Ireland. Cancom UK&I has 600 professionals, joining the Telefónica Tech team, and a broad and strong digital services portfolio including professional services and managed services in advanced IT, cybersecurity and multi-cloud solutions.