SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
25 February, 2005
BT Group plc
(Translation of registrant's name into English)
BT Centre
81 Newgate Street
London
EC1A 7AJ
England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________
Enclosures: 1. Acquisition announcement made on 25 February, 2005
February 25, 2005
BT COMPLETES ACQUISITION OF INFONET
BT today announced the completion of the acquisition of Infonet, one of the
world's leading providers of global managed voice and data network services for
corporate customers. All conditions to the transaction have now been met,
following formal approval of Infonet's stockholders at a general meeting held on
February 23.
BT and Infonet announced on 8 November 2004 an agreement for BT to acquire
Infonet for $2.06 per share, valuing Infonet at $965m (GBP510m) inclusive of
Infonet's cash balance of $390m (GBP205m) (1), or $575m (GBP305m) net of the
cash balance.
Infonet, which will be renamed BT Infonet, becomes part of BT Global Services.
BT is confident it will achieve the synergy benefits initially announced, of
$150m per annum by the third year after completion, in a way which will ensure
service quality is maintained. BT Infonet's experienced management team, led by
its chief executive, Jose A. Collazo, will remain in place to manage the
business, maintain continuity for customers and assist in the integration of the
two customer bases and product sets.
Andy Green, CEO BT Global Services, said: "I am very proud to welcome a great
team of highly skilled professionals into the BT family. The combination of BT
Global Services and Infonet will create a clear leader in the networked IT
services market, and will enhance our position as the supplier of choice for
multi-site organisations around the world. With the help of our new BT Infonet
colleagues, BT Global Services will continue our drive to help our customers
address the challenges and opportunities of the digital networked economy."
Jose A. Collazo, chief executive of BT Infonet, said: "We are about to begin a
new era as part of BT, bringing significant opportunities for our customers and
employees. BT Infonet brings market-leading skills in network management
services, a brand identified with customer service excellence, a suite of
services tailored to the needs of a continually globalizing world, global
presence and reach around the world, and a stable entrepreneurial organization.
It also brings a customer base of leading multinational organisations such as
Volkswagen, Nestle, Bayer, IBM, DHL and Solvay. As a part of BT Global Services,
we will remain focused on the same goal: to be the partner of choice for
multinationals when it comes to launching and servicing mission critical
applications."
Infonet's stock has today ceased trading on the New York Stock Exchange.
EquiServe has been retained by BT to serve as paying agent. As soon as
practicable, the paying agent will mail a letter of transmittal to each person
who was a holder of stock at the effective time of the merger. The letter of
transmittal will contain instructions for use in surrendering certificates
formerly representing shares of Infonet common stock in exchange for $2.06 per
share in cash.
About BT
BT is one of the world's leading providers of communications solutions serving
customers in Europe, the Americas and Asia Pacific. Its principal activities
include IT and networking services, local, national and international
telecommunications services, and higher-value broadband and internet products
and services.
BT consists principally of three lines of business:
- BT Retail, providing a comprehensive range of communications and related
services to over 20m UK consumers and businesses.
- BT Wholesale, providing network services and solutions within the UK to
more than 600 fixed and mobile operators and service providers including
the provision of broadband and private circuits.
- BT Global Services, providing IT and networking services to meet the needs
of multi-site organisations globally. BT Global Services operates in more
than 130 countries and also offers international carrier services.
In the year ended 31 March 2004, BT Group's turnover was GBP18,519 million with
profit before goodwill amortisation, exceptional items and taxation of GBP2,013
million.
BT Group plc is listed on stock exchanges in London and New York. British
Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group and
encompasses virtually all businesses and assets of the BT Group.
For more information, visit www.bt.com/aboutbt
About BT Infonet
BT Infonet is a leading provider of managed network communications services for
multinational entities, fully owned by BT Group and part of BT Global Services.
BT Infonet offers integrated solutions optimizing the complex relationship
between enterprise applications and the global network. BT Infonet provides
local service support in over 70 countries and territories and its network is
accessible from more than 180 countries
Notice
This release may include statements that constitute "forward-looking
statements", including with regard to the Infonet acquisition. These statements
are made pursuant to the safe harbour provisions of the private Securities
Litigation Reform Act of 1995. Because such statements inherently involve risks
and uncertainties, actual future results may differ materially from those
expressed or implied by such forward-looking statements. Neither BT nor Infonet
undertakes any obligation to up-date these statements for revisions or changes
after the date of this release.
(1) As at 31 March, 2004
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group PLC
(Registrant)
By: /s/ Patricia Day
--------------------
Patricia Day, Assistant Secretary. Head of Shareholder Services
Date 25 February, 2005