NCC Group (NCC) has completed the sale of its Escode business to investment funds managed by TDR Capital LLP (TDR), simplifying the business structure as a pure‑play cyber security and resilience provider.
The transaction was first announced on 21 January 2026.
NCC intends to be a dedicated cyber security partner to clients and governments worldwide, supporting them to manage cyber risk and build resilience in an increasingly complex digital environment.
Mike Maddison, Chief Executive Officer of NCC Group, said on the completion of the sale:
“It sharpens our position as a specialist cyber resilience partner, where we see strong and growing demand from organisations looking for trusted expertise in an increasingly complex digital landscape. We are hugely grateful to our Escode colleagues for the expertise and commitment that has built such a successful business, and we wish them every success for the future as they continue their journey independently.”
Pproposed return of £185m to shareholders
The sale of NCC’s Escode business to TDR Capital LLP consisted of an enterprise value of £275 million, and an aggregate gross consideration of £309.1 million. Estimated net proceeds of the transaction after transaction costs were approximately £253 million and the company intends to return £185 million to shareholders. The Board’s decision on the method of return will be made upon finalisation of the Cyber review.
The Board has determined that £185m is the appropriate level of capital return, balancing shareholder distributions with the need to reimburse costs already incurred, maintain a resilient, debt-free balance sheet for the standalone Cyber business, and right-size the cost base, with phased cost rationalisation and associated cash costs following the Escode disposal and transitional arrangements.
Mike Maddison recently commented on social media:
“Demand for high‑quality, end‑to‑end cyber expertise continues to grow and we are well positioned to lead with our global scale and depth of technical capability to support clients across the full cyber resilience lifecycle. With this divestment we are now even better positioned to continue to invest in that scale and depth, evolving our capabilities to meet the challenges of a dynamic environment, to deliver the outcomes our clients need. I’m excited about what comes next and the impact we can make.”
