British Telecommunications PLC
15 November 2000
NR0092 November 15, 2000
BT INCREASES ITS STAKE IN INET BV
BT today announced the purchase of the remaining 49.1 per cent of INet B.V.,
the majority shareholder of INet SpA. The purchase was effected through the
exercise of a call option which was agreed as part of the initial acquisition
in September 1999, at a price of Euro 202.4m (c.£121m). As a result of this
purchase, BT will own 100% of the shares of INet BV.
INet is Italy's first NASP (Network Application Service Provider). It provides
high quality Internet connectivity to businesses as well as web Hosting.
Alfred Mockett, President of BT Ignite said: 'This move reflects BT Ignite's
determination to deliver a world-beating content hosting platform. BT has
always placed the highest priority on enhancing the value of its investments.
We recognise the excellent management of INet in developing the top business
ISP in the Italian market'.
Pat Gallagher, BT's Group Director, Strategy and Development said, 'Today's
announcement further underscores BT's commitment to both INet and to Italy,
one of Europe's highest growth internet markets.'
Roberto Galimberti, INet's President and CEO, commented: 'Our priority last
September in partnering with BT was to form close links with a strong
international player. We have seen our relationship grow significantly since
this time and look forward to being a key contributor to the success of Ignite
as it creates the leading pan-European content hosting business'.
Note to Editors:
BT initially acquired an indirect 32.5% stake in INet SpA in November 1999,
while INet SpA was still a private company. Following this BT and the other
shareholders of INet SpA contributed this 32.5% stake and shares representing
31.3% of the capital of INet SpA into INet BV, a company controlled by BT as a
result of this contribution. Subsequent to this, INet SpA made an initial
public offering of shares representing 20% of its share capital on 4th April
2000.
INet S.p.A., Italy's leading Business ISP, was successfully listed in Milan's
Hi Tech stock exchange Nuovo Mercato in April 4th, 2000. The company has had
an excellent debut in the market, trading at a significant premium to its
initial offer price and is currently trading at a market capitalisation in the
region of Euro 1.1bn (c.£0.7bn).
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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