British Telecommunications PLC
15 November 2001
November 15, 2001
BT TO SELL CLEAR COMMUNICATIONS FOR NZ$435 MILLION
BT today announced that it has agreed the sale of Clear Communications, its
wholly owned subsidiary in New Zealand, to TelstraSaturn, an associate company
of the Telstra Corporation, for NZ$435 million (£126 million) in cash.
This comes after five years of successful involvement in the New Zealand
telecommunications market and is a result of BT's strategy to refocus its
business on key markets.
Sir Peter Bonfield, Chief Executive of BT said: 'Today's announcement
follows on from the successful sale by BT earlier this year of other non-core
assets around the world, and is further evidence of our determination to
manage for value and reduce our debt.'
The sale is subject to final regulatory clearance and is expected to close
shortly. It will not have any material impact on BT's business.
Note to editors:
BT first acquired a 25 per cent stake in Clear Communications in March 1996,
and assumed full ownership of the company in June 1999 when it acquired the
shares of the other three existing shareholders - MCI Worldcom, TVNZ and Todd
Corporation
CLEAR is New Zealand's second largest information communications supplier and
the country's second-largest Internet Service Provider. The rollout of
broadband, e-business, wireless access, mobile services, convergent solutions
and Internet solutions is CLEAR's focus. CLEAR has rolled out advanced
networks, including broadband and business access for small and medium
businesses in more than 30 CBD and regional New Zealand centres.
TelstraSaturn is committed to providing superior telecommunications and
entertainment services that add value to customers, employees and
shareholders. It is a convergent company that offers entertainment,
communication and information, offering voice, data, mobile, Internet and
cable television services to a mix of business and residential customers in
New Zealand. It was formed in February 2000 through the 50/50 merger of
Telstra NZ and Austar's Saturn Ltd.
Telstra Corporation is Australia's premier communications carrier and a
world-class fully integrated full-service provider. Telstra has more than 10
million household, business and wholesale customers. It is Australia's leading
ISP, has the most highly accessed family of Internet portals and sites and
provides entertainment and multimedia content over its broadband network and
through its Pay-TV joint venture.
It has business operations in North America, UK/Europe and the Asia-Pacific
region.
Austar United (Australian Stock Exchange 'AUN') is one of the largest and
fastest growing broadband communications companies serving Australia and New
Zealand. AUSTAR Communications is the second largest pay TV operator in
Australia, and the largest providing, principally, digital DTH services, with
over 432,000 pay TV, 80,000 internet and 8,600 mobile phone subscribers.
Austar is one of the first companies in Australasia to offer broadband
Internet access and was the first to launch interactive television. Austar
United is approximately 81% owned by UnitedGlobalCom.
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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
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