British Telecommunications PLC
6 February 2001
February 6, 2001
BT TO TAKE FULL OWNERSHIP OF ESAT DIGIFONE
BT today confirmed that it would take full ownership of the Republic of
Ireland's mobile operator Esat Digifone, following Telenor's decision to
exercise a put option to sell its 49.5 per cent stake for about $1.24 billion.
The transaction was included in an agreement between BT and the Norwegian
operator in January last year, as part of a related deal by BT to acquire
control of the Esat Telecom Group for about $2.46 billion. BT currently
controls 50.5 per cent of Esat Digifone but is now poised to take full
ownership as a result of Telenor's decision today to exercise its put option.
The deal is subject to approval under EU Merger Control Regulation and from
the Irish telecommunications regulator.
In December last year, BT agreed to a request from Telenor to extend its
put option by two months to February 7.
A BT spokesman said: ' We are delighted to be able to take full ownership
of a key challenger in the Republic of Ireland's communications sector and
continue to develop our presence in this market.'
' The cost of the stake in Esat Digifone held by Telenor was fixed early
last year and is taken into account in our predicted debt levels for the end
of the current financial year.'
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From outside the UK dial +44 20 7356 5369.
All BT Group news releases can be accessed at our web site:
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