QSC closes Plusnet sale prematurely
- Transaction closed as of 30 June 2019
- 2019 revenues and EBITDA forecasts updated accordingly
Cologne, 1 July 2019 – QSC AG has closed the sale of its telecommunications subsidiary Plusnet GmbH to EnBW Telekommunikation GmbH faster than expected. Following approval of the transaction by the Federal Cartel Office, the transaction was closed as of 30 June 2019 already. After the sale, Plusnet will still be based in premises at QSC’s Headquarters in Cologne and will draw here on QSC’s administrative services. QSC in turn will also continue to offer TC and network services to its customers.
Explains QSC’s CEO, Jürgen Hermann: “The successful sale of Plusnet has turned QSC back into a growth company.” The digitaliser to the SME sector now operates exclusively in growth markets. QSC’s portfolio, which is tailored to the needs of SME players, is based on great technological expertise in its Cloud, SAP and IoT businesses. Following the sale, the Company can now expand its forward-looking business fields more rapidly in line with the 2020plus Growth Strategy presented at the end of May 2019. Stresses Jürgen Hermann: “From 2020, we will be generating double-digit revenue growth every year.”
The premature closing of the transaction also affects QSC’s full-year forecast for 2019. The guidance published on 23 May 2019, which foresaw revenues of more than € 255 million, EBITDA of more than € 145 million and free cash flow of more than € 130 million, was based on the assumption that Plusnet would be deconsolidated as of 31 July 2019. Given that Plusnet’s sales and earnings contributions for the month of July will no longer be included, QSC now expects the following key figures for 2019 as a whole: revenues of more than € 235 million, EBITDA of more than € 140 million and an unchanged free cash flow of more than € 130 million.
About QSC AG
QSC AG is digitalising the German SME sector and enabling its customers to enhance their business processes and business models with the utmost flexibility and efficiency. QSC has longstanding technological and application expertise in the fields of Cloud and Colocation, SAP and the Internet of Things. Its extensive service portfolio provides exactly what SME players need as they move into the digital age: from standardised pay-as-you-use services through to individualised full-range solutions for the retail, manufacturing and energy sectors. All services offer end-to-end quality and high security. QSC bases its relationships with customers on an entrepreneurial approach, a service-driven mindset and a desire to forge mutually beneficial partnerships.
QSC AG is based in Cologne and has around 900 employees at locations throughout Germany.