El Corte Ingles completes the sale of its computer business, which includes Defense contracts with classified information, after the approval of the Council of Ministers

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  • The Cabinet yesterday gave the green light to the purchase, by the French group Gfi, of 100% of the capital of the IT division of El Corte Ingles
  • The operation required the approval of the Council of Ministers, since Iecisa has contracts tendered by the Ministry of Defense with classified information.
  • Thus, the giant of the department stores completes the sale of its computer business to the French group in an operation valued at 375 million.
  • Discover more stories at Business Insider Spain.

El Corte Ingles sells its computer division. The Cabinet yesterday gave the green light to the purchase, by the French group GFI, of 100% of the capital of the IT division from the department store giant Incisa.

The operation required the approval of the Council of Ministers, since Iecisa has contracts tendered by the Ministry of Defense and includes several conditions to protect classified information. Iecisa closed the last year with a turnover of 703 million euros.

Read more: “I believe that no one was able to see the scope of spread of this virus”: one of the largest manufacturers of respirators worldwide explains how the situation in Spain is facing

Thus, the Department store giant completes sale of its IT business to French company GFI, controlled by the Qatar Mannai Corporation group, In an operation valued at 375 million euros.

Among the candidates to take over this division of the group chaired by Marta Alvarez was the private equity fund HIG. The French group controls the IT business of El Corte Ingles through its subsidiary in Spain, Grupo Corporativo GFI Espana.

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