Stevens & Bolton has advised CANCOM SE on the sale of its UK subsidiary CANCOM Ltd to a subsidiary of Spanish Telefónica S.A for a value of circa EUR400m.
CANCOM UK&I provides professional and managed services in advanced IT, cyber security and multi-cloud solutions across the public and private sectors. The Stevens & Bolton team has previously advised CANCOM on three acquisitions into CANCOM UK&I, being of Ocean Intelligent Communications in 2018, OCSL in 2018 and Novosco in 2019.
Telefónica Tech is a leading company in digital transformation, offering a wide range of services and integrated technological solutions.
The deal will strengthen the capabilities of Telefónica Tech's Cloud and Cybersecurity division in the UK and Ireland. Cancom UK&I has 600 professionals, joining the Telefónica Tech team, and a broad and strong digital services portfolio including professional services and managed services in advanced IT, cybersecurity and multi-cloud solutions.
This was a German law transaction led by Heuking and supported by Stevens & Bolton for UK law and due diligence aspects. The Heuking team was led by M&A partner Boris Dürr in the Munich team. The investment bank ParkView Partners, led by Dr. Cai Berg, acted as M&A advisor to CANCOM SE.
Sabine Domes, Vice-President in CANCOM SE, commented: “As usual, Stevens & Bolton have provided a very professional, pragmatic and solution oriented support to us. It’s great to be able to rely on Nick Atkins and his fantastic team. Especially in this project which had to be done completely remotely due to COVID related restrictions, it is important to have partners like them to rely on”.
Nick Atkins, corporate partner at Stevens & Bolton said: “It was a pleasure to support CANCOM on this sale. It’s been a fantastic journey over the last few years seeing CANCOM grow its UK and Ireland presence, both organically and through the three acquisitions we were honoured to support them with. We wish the UK team all the best for the next phase as part of the Telefónica family, and we thank the CANCOM SE team in Germany and Heuking’s Munich team for involving us in this transaction.”
The Stevens & Bolton team was lead by corporate partner Nick Atkins, supported by Krishna Patel (corporate), Samuel Burnage (corporate), Kate Schmit (corporate tax), James Thomas (real estate), Grace Miller (real estate), Boma Adoki (employment), Gabrielle Holgate (pensions), Gary Parnell (commercial), Luke Stewart (commercial) and Laura Barrett (banking and finance).
Nick Atkins