Gfi has announced it will buy 100 per cent of the shares of Informática El Corte Inglés to create a global services and consulting company with €2.3bn in revenues.
The French services player will also see its global headcount expand to more than 23,000.
Already a global giant, with offices in 21 countries in Europe, the Americas, Asia Pac and the Middle East, Gfi said that it wants to strengthen its footprint in Iberia and Latin America.
Based in Spain, Informática El Corte Inglés (IECISA) specialises in high-value IT consulting projects, and logged FY2018 revenues of €703m.
It's a unit of the wider El Corte Inglés Group - a retail giant with a chain of department stores which also offers travel and insurance while also running as a Spanish distributor.
But the Spanish group has been dogged by high debts as of late. Earlier this month, El Corte Inglés Group's debt of €2.3bn was refinanced in Spain.
El Corte Inglés Group said the proceeds of the sale of its IT services unit will go towards "the disposal to the reduction of debt".
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