Swedish-based infrastructure provider Eltel has signed an agreement to divest its German Communication business to Circet Group, a European telecom network service provider, for EUR 19 million.
Eltel provides technical services for critical infrastructure networks in the segments of power and communication, with operations throughout the Nordics, Poland and Germany
The divestment is a part of Eltel’s strategy to more clearly focus on developing the Nordic market, where the company has a leading market position, high level of expertise, and in which the business model is repetitive and primarily targeted towards build, service and maintenance.
In 2019, Eltel’s German Communication business had about 200 employees and net sales of about EUR 36 million.
Casimir Lindholm, President and CEO, Eltel
We have over time successfully developed Communication Germany, and we are now satisfied to find a new strong industry owner who can continue the unit’s positive development.
