CTT buys NewSpring Services for €7 million
The Portuguese company paid €7 million for NewSpring Services and the holding company HCCM - Outsourcing Investment.
CTT has bought NewSpring Services and the holding company HCCM – Outsourcing Investment for €7 million, the Portuguese company said in a statement sent Wednesday to the Securities and Exchange Commission (CMVM). This transaction “is part of CTT’s portfolio diversification strategy,” it reads.
The deal involves two companies that operate in the business process outsourcing (BPO) and contact centre market, with “earnouts agreed, depending on the company’s activity over the 2 years following the closing date, based on the achievement of pre-defined objectives for NewSpring Services, including EBITDA targets,” the document said.
This operation, closed for €7 million, “is part of CTT’s portfolio diversification strategy and the acceleration of growth in its business units, in particular the consolidation of the Business Solutions platform, through the offer of Business Process Outsourcing (BPO) solutions, Contact Centre and other business support services.”
Last year, NewSpring Services reported sales of €21.1 million and EBITDA of €2.4 million. The statement also added that the acquisition is subject to several suspensive conditions, including non-opposition by the Competition Authority.
