Manchester-based global cyber security firm NCC Group plc said on Thursday it agreed the disposal of Fox Crypto B.V. — part of its European cyber division in the Netherlands — for £66 million in cash to CR Group Nordic AB.

“Fox Crypto B.V. contributed revenue and EBITDA of c.£18m and c.£4m respectively in the 12 months ended 31 May 2024,” said NCC.

“The consideration therefore represents a 2024 EBITDA multiple of 16.5x. Fox Crypto was previously a standalone entity, and the disposal will not impact the group’s continuing cyber capabilities.

“Group net debt at 31 May 2024 was £38.5m. The expected net proceeds of c.€74m (c.£62m) will clear group net debt and facilitate organic and inorganic growth in the group’s cyber security business.

“The disposal represents a continuation of the group’s transformation strategy to simplify the business and create a more focused cyber security business.

“Both our cyber and escode businesses provide the benefit of a portfolio effect to the overall group performance with clear future growth opportunities to enhance shareholder value.”

NCC has 2,200 staff across Europe, North America, and Asia Pacific.