The French IT services group GFI Informatique announced on Tuesday that it had reached an agreement with the Spanish El Corte Inglès to acquire its technological subsidiary and thus strengthen its ” international presence “, especially in the Latin world. “El Corte Inglés and the Gfi Group have reached an agreement whereby the latter will acquire 100% of the shares of Informática El Corte Inglés (IECISA)”, indicates the group in a press release. El Corte Inglès has been one of the major players in distribution and department stores in Spain for almost 80 years.
“Enrich their respective offers”
After integration, the GFI group ensures that it will achieve a turnover “More than 2.3 billion euros” and will count “More than 23,000 employees”. “GFI has particularly appreciated the know-how of IECISA, as well as its strong positions on the Spanish, Portuguese and Latin American markets,” specifies GFI. The transaction will allow the two companies to create synergies, access new markets and enrich their respective consulting and service offerings ”.
GFI, present in 22 countries, achieved a turnover of 1.395 billion euros in 2018, while that of Informática El Corte Inglés, a technology consulting subsidiary founded in 1998, reached 703 million euros in 2018. of the last fiscal year, which ended last February. El Corté Inglès will use the proceeds of the sale to reduce its debt. In addition to distribution, the group is also present in the travel and insurance sectors.