El Corte Inglés completes the sale of Iecisa to French group Gfi

MADRID: El Corte Inglés and the Gfi Group have completed a deal for Gfi to acquire 100% of the shares of Informática El Corte Inglés (Iecisa). After receiving the pertinent approval by competition authorities and the green light from the Spanish government, the El Corte Inglés board of directors authorised the sale.

Gfi, which acquires 100% of Iecisa’s shares, particularly valued the Spanish technology consulting company’s know-how and strong market positions in Spain, Portugal and Latin America. The deal allows Iecisa to embark on a new growth stage alongside a large group with a strong track record and a broad international presence.

The groups reached this agreement in December 2019, which was awaiting approval by the competent authorities.