British Telecommunications PLC
29 June 2001
June 29, 2001
BT ANNOUNCES CLOSURE OF SALE OF INTEREST IN
SPAIN'S AIRTEL
BT today announced the closure of the sale of its interest in Airtel Movil
S.A. to Vodafone for £1.108 billion.
BT made public its intention to sell its 17.8 per cent stake in Airtel in May,
and this represents a return of more than five times BT's original investment
in the Spanish mobile operator.
BT will use the proceeds to reduce its debt, which has now significantly
reduced from £27.9 billion which was reached by March 31, 2001. Since May 10,
BT has received £3.1 billion from the sale of its stake in Japan Telecom; £5.9
billion from its Rights Issue; £2.1 billion from the sale of Yell; and £1.1
billion from this sale in Spain. Further proceeds are anticipated from the
recently announced property deal, and the sale in Malaysia.
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