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The total amount invested
in acquisitions in the 2005 financial year, including further funding
of existing ventures, was £453 million, being mainly the acquisitions
of Infonet and Albacom. In February 2005 the group completed the
acquisition of the 74% interest in Albacom not already held, giving
BT full ownership for total consideration of £131 million.
This gave rise to goodwill of £9 million. In February 2005
the group also completed the acquisition of Infonet for total consideration
of £520 million, being £315 million net of cash balances.
This gave rise to goodwill of £264 million. In the period
since acquisition they have contributed £111 million to turnover
and an operating loss of £10 million. In April 2005, we completed
the acquisition of Radianz, the leading financial services extranet
provider, from Reuters for consideration of £107 million
including the cash on the balance sheet, subject to working capital
adjustments, at completion date. The total amount invested in the
2004 financial year, including further funding of existing ventures,
was £61 million, lower than the £77 million invested
in the 2003 financial year.
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