British Telecommunications PLC
3 July 2001
July 3, 2001
BT SELLS STAKE IN ROGERS WIRELESS IN CANADA
FOR £269 MILLION
BT today announced that it had agreed to sell its entire interest in Rogers
Wireless Communications Inc in Canada to AT&T Wireless Services, for £269
million as an all-cash transaction. This consideration is equivalent to a
price of C$27.28 per share.
This follows the sale of BT's minority assets in Japan, Spain, Malaysia and
India and brings the total raised from these transactions to more than £5
billion.
BT acquired its interest in Rogers Wireless Communications Inc in August 1999
through a 50:50 partnership with AT&T. Together, the companies acquired the
equivalent of approximately 33 per cent of the share capital of the company.
BT did not subscribe to the recent rights issue by Rogers Wireless.
Sir Peter Bonfield, CEO of BT said: 'The debt reduction activity continues to
go well as we focus on Europe and dispose of non-core assets. We have enjoyed
a good relationship with Rogers Wireless and we will continue to build on our
relationship with AT&T in the mobile sector through our Advance alliance.'
Edward S. (Ted) Rogers, President and Chief Executive Officer, Rogers
Communications Inc., said: 'Rogers Wireless' partnership with AT&T and British
Telecommunications has ensured that our customers have access to the best
practices and experiences in the world. Both AT&T Wireless and Rogers Wireless
customers will continue to profit from that access via our membership in the
mobilityleaders program for many years to come.'
------
Notes to Editors
Rogers Wireless Communications Inc. operates under the co-brand Rogers AT&T
Wireless and is Canada's largest wireless voice communications service
provider, with approximately 2.6 million wireless voice subscribers and
offices in Canadian cities from coast to coast
British Telecommunications plc (BT) is one of the world's leading providers of
telecommunications services and one of the largest private sector companies in
Europe. Its principal activities include local, long distance and
international telecommunications services, mobile communications, Internet
services and IT solutions. In the UK, BT serves 29 million exchange lines and
more than 11 million mobile customers, as well as providing network services
to other licensed operators.
Geographically, BT has operations worldwide, although it is the company's
intention in the future to focus more on the UK and Western Europe.
In the year to March 31, 2001, BT's total turnover was £20,427million with
profit before goodwill, amortisation, exceptional items and taxation of £
2,072million.
mobilityleaders is BT Wireless' global partnership and knowledge sharing
programme comprising BT Wireless' mobile businesses, AT&T Wireless Services
and their mobile ventures around the world, as well as a number of other
non-aligned/independent mobile operators. Many of the world's leading mobile
equipment manufacturers such as; Motorola, Ericsson, Siemens, Nortel, NEC,
Lucent, Nokia and Schlumberger as well as Microsoft are Associate Members of
mobilityleaders.
All member companies enjoy access to a secure website which is home to
hundreds of reports and articles, regular newsfeeds and industry newsletters
and almost a hundred private, online workgroups. Last year mobilityleaders ran
over 20 workshops and conferences for its members which attracted more than
1000 delegates in total.
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 news releases can be accessed at our website http://www.groupbt.com/
mediacentre
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.