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Telecom company BT said it had agreed to sell its information and communications assets in Spain, including its network infrastructure there, to funds managed by Portobello Capital, for an undisclosed sum.
BT said the sale was part of a transformation of its global businesses that was now focusing on networking, cloud and security services.
The company would retain a presence in Spain with offices in Madrid and Barcelona plus access points to connect to its global network.
BT said the Spanish business, which would be led by members of the current management team, generated revenue of about £230m in the 2019 financial year.
The transaction was subject to regulatory approval and is expected to complete in the first half of 2020.
At 1:08pm: (LON:BT.A) BT Group PLC share price was +4.28p at 205.93p