NCC Group PLC on Friday said it has completed the disposal of the Fox Crypto BV as part of its European Cyber division in the Netherlands for €78.5 million to CR Group Nordic AB.
The Manchester, England-based cybersecurity company said Fox Crypto BV contributed revenue of £18 million and earnings before interest, tax, depreciation and amortisation of £4 million in the twelve months to the end of May.
NCC said Fox Crypto was a ‘standalone entity’ and the disposal does not impact its Cyber capabilities.
The company said the gross proceeds will be used to repay its revolving credit facility borrowings, reduce net debt and allow it to expand the Cyber Security business.
NCC said it expects group net debt to be between zero to £3.0 million at the end of March.
‘The disposal represents a continuation of the group’s transformation strategy to simplify the business and create a more focused Cyber Security business. Both our Cyber and Escode businesses provide the benefit of a portfolio effect to the overall group performance with clear future growth opportunities to enhance shareholder value,’ the company said.
Shares of NCC Group closed up 1.0% at 139.23 pence in London on Friday.
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