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NCC to sell Escode to TDR Capital for £275m, announces £70m share buyback
(Sharecast News) - Cybersecurity company NCC said on Wednesday that it has agreed to sell its Escode business to private equity firm TDR Capital for £275m, and announced a share buyback of up to £70m. NCC said the sale, which is expected to complete no earlier than 30 April, simplifies the group and enables it to focus on repositioning the business towards higher value, recurring revenue streams.
It also said the expected net proceeds provide for shareholder returns and investment in growth of the cyber business in line with its capital allocation policies.
Chief executive Mike Maddison said: "The sale of Escode completes the divestment of our non‑core activities and allows NCC to focus fully on accelerating growth in our core cyber security resilience business. Over the past year, we have transformed the business and strengthened our strategic sales capability, introduced technology‑led, recurring‑revenue services, and invested in consulting and implementation capabilities that are delivering value.
"Supported by stronger global account management and a unified sales operations function, we are well positioned to deepen client relationships, grow recurring revenue, and advance our cyber‑focused strategy with clarity and momentum."
NCC also announced in a separate statement the launch of a £70m share buyback, with immediate effect.
NCC said the buyback "reflects the board's continued confidence in the prospects of the group and the strength of the balance sheet".
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