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BT sells Spanish assets to Portobello Capital in first international exit
Transactions - DECEMBER 16, 2019

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BT sells Spanish assets to Portobello Capital in first international exit

by Andrea Zander

BT Group has sold its Spanish operations to Portobello Capital, a mid-market private equity firm in Iberia for an undisclosed sum.

The sale is part of the ongoing transformation of BT’s global unit, focused on delivering next-generation networking, cloud and security services to multinational customers. BT will retain a presence in Spain with offices in Madrid and Barcelona, access points to connect to its global network and its cyber security operations center. Through a wholesale agreement, BT will continue to have access to the domestic infrastructure. The Spanish business will also become a reseller of BT’s global products under a resale agreement.

The Spanish business, which will be led by members of the current management team, provides networking services to around 600 major enterprises. Assets in the transaction include a 5,600-kilometer (3,500-mile) owned and leased optical fiber network, fully owned city fiber networks in Barcelona and Madrid, and three

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