BT has continued to divest itself of its non-UK operations with the sale of its Spanish managed ICT services business to private equity firm Portobello Capital for an undisclosed amount.
Portobello Capital is a fund manager in the Spanish mid-market, controlling assets of €1.2 bn.
The business unit includes 5,600km of local network infrastructure including owned and leased optical fibre network, fully owned city fibre networks in Barcelona and Madrid and three datacentres.
However, BT has said it will retain a presence in Spain with offices in Madrid and Barcelona, and keep its cybersecurity operations centre in the country.
The deal means that BT will continue to have access to Spain's national infrastructure access points. The divested business will also become a reseller of BT's global products under a resale arrangement.
BT Spain logged revenues of €270m in its FY2019. Global CEO Bas Burger said the decision to cut it from the group was to make BT's global operations more agile.
"Today's announcement is another key milestone in the execution of our strategy to make Global a more agile and customer focused business," he said.
Portobello Capital founding partner Luis Peñarrocha said that BT's Spanish unit currently provides networking services for more than 600 enterprise companies.
"We are very pleased to invest in one of the leading providers of managed telecommunications services to the corporate market in Spain," he said.
"We look forward to continued investment in the development of the business for the benefit of new and existing customers in the region."
The deal follows several years of divestments for the UK giant's international business, known as Global Services.
Last year, it flogged its €60m-revenues comms and networking specialist to German VAR Bechtle. That Munich-based business had been part of BT since 2009, since it was acquired.
The sale process for its units in Latin America is ongoing, including BT Brazil, a business that is in the middle of a dispute over a £204m unpaid tax bill.
And last month BT agreed to the sale of its Irish business to London-based investment company Mayfair Equity Partners, which included Ireland's second largest fixed-line network, valued at just under €300m.
Meanwhile, its Italian business is languishing, embroiled in an accounting scandal, which has wiped more than £7bn from BT's value.
Although the scandal has been rumbling on more than two years, BT faced renewed pressure to cut its losses and sever its Italian business from the group earlier this year, when a criminal investigation found evidence of what prosecutors say was the involvement of senior executives in artificially inflating the division's financial performance.
In July, BT also sold its historic headquarters in London near St Paul's Cathedral for £210m.
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