|
|
|
|
 |
| back to Business review >> |
|
During the past three financial
years, we disposed of an interest in sunrise communications and
we have recently announced the prospective disposal of our interests
in Airtel, Japan Telecom, J-Phone and Maxis Communications.
sunrise communications
On 30 November 2000, we sold our 34% stake in sunrise communications
in Switzerland to Tele Danmark for the equivalent of £464 million
in cash, realising a profit of over £400 million.
Japan Telecom and Airtel
On 2 May 2001, we announced that we had agreed to sell our interests
in Japan Telecom, J-Phone and Airtel to Vodafone for £4.8 billion
in cash. The sale comprises our 20% stake in Japan Telecom, our
20% stake in J-Phone Communications and shares to be converted from
a call option, which represents 4.9% direct stakes in each of the
J-Phone regional operating companies. The sale also includes our
17.8% stake in Airtel.
This deal values the Japanese investments at £3.7 billion and the
investment in Airtel at £1.1 billion. As part of the deal, BT will
exercise an option it holds in the J-Phone regional operating companies
for a total of £380 million. In addition, Vodafone will take on
£782 million of BT debt guarantees in favour of Japan Telecom.
Closure of the deal is conditional upon relevant regulatory and
procedural approvals in Europe and Japan.
Maxis Communications
On 4 May 2001, we announced that we had agreed in principle to sell
our 33.3% holding in Maxis Communications in Malaysia to our partner
in Maxis, Usaha Tegas, for £350 million in cash. The sale is subject
to final documentation, regulatory and other approvals. |
|
|
|
Back to top
|
|
|
|
