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Portobello Capital to acquire BT's Spanish unit

As expected, British Telecom agreed to sell its Spanish managed ICT business to funds managed by private equity firm Portobello Capital Gestión SGEIC SA for an undisclosed amount.

The acquisition includes domestic network infrastructure assets, such as a 5,600-km optical fiber network, city fiber networks in Madrid and Barcelona, and three data centers.

The deal's closing is expected in the first half of 2020, subject to regulatory clearance.

The Spanish business will continue to be led by its existing management team after deal completion. BT will keep its presence in Spain through its Madrid and Barcelona offices, access points to its global network, and its cybersecurity operations center. The telco will retain access to the domestic infrastructure, with the Spanish business agreeing to resell BT's global products.

BT is selling its Spanish business, which provides networking services to about 600 major companies, as part of a restructuring of its global services division.