British Telecommunications PLC
6 December 2000
December 6, 2000
BT AGREES TELENOR REQUEST TO EXTEND OPTION
ON ESAT DIGIFONE
BT today announced that it had agreed to a request from Norwegian operator
Telenor to extend its put option on Esat Digifone in the Republic of Ireland
from December 7 this year to February 7, 2001.
Under an agreement between BT and Telenor reached earlier this year,
Telenor has the right to exchange its 49.5 per cent shareholding in Esat
Digifone for a 33 per cent stake in the Esat Telecom Group or sell its
Digifone stake to BT for around $1.23 billion. Today's announcement extends
the deadline by which Telenor has to exercise its options.
It also means that in the event of Telenor exchanging its Esat Digifone
stake for a holding in Esat Telecom, an option to then sell the new stake to
BT for around $1.23 billion is reduced by two months, to 208 days, commencing
on the date of the completion of the exchange of the Digifone shares .
Alternatively, it can retain its 33 per cent in Esat Telecom Group or exercise
an option to buy up to a 49.99 per cent stake.
Telenor's options were included in an agreement between it and BT as part of a
related BT deal this year to acquire control of the Esat Telecom Group for
about $2.46 billion.
Inquiries about this news release should be made to the BT Group
newsroom on its 24-hour number: 020 7356 5369.
From outside the UK dial +44 20 7356 5369.
All BT Group news releases can be accessed at our web site:
http://www.bt.com/mediacentre
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