Manchester-based global cyber security firm NCC Group plc announced that it completed the disposal of Fox Crypto B.V. — part of its European Cyber division in the Netherlands — for £65 million to CR Group Nordic AB, following successful satisfaction of all customary conditions associated with the disposal.

“As announced on 1 August 2024, Fox Crypto B.V. contributed revenue and EBITDA of c.£18m and c.£4m respectively in the 12 months ended 31 May 2024 and the consideration therefore represented a 2024 EBITDA multiple of 16.5x,” said NCC.

“Fox Crypto was previously a standalone entity, and the disposal does not impact the Group’s continuing Cyber capabilities.

“The gross proceeds will be used to repay the group’s RCF borrowings, reduce group net debt and facilitate growth in the Cyber Security business.

“Group net debt following this disposal as at 31 March 2025 is expected to be in the range of NIL – £3.0m. This is consistent with previous guidance of paying down our net debt prior to the board’s decision to buy additional shares for our Employee Benefit Trust in December 2024 (c.£6.0m).

“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.”