The powerful joint venture of BT and AT&T today moved into Canada with two major acquisitions.
Both companies will share 33 per cent of Canadian mobile operator Rogers Cantel Mobile Communications for around £600 million. BT will also join AT&T in the planned total acquisition of AT&T Canada.
Today's acquisitions are the second investments by the $10 billion global joint venture since it was formed last year. In April the companies jointly invested in Japan Telecom.(see Newswire 26 April 1999)
BT will acquire a nine per cent stake in AT&T Canada by acquiring 30 per cent of AT&T's current 31 per cent stake in AT&T Canada for around £250 million. The Canadian fixed line telco had turnover of around £560 million last year.
BT has also agreed to participate in the total acquisition of AT&T Canada. Under the agreement, BT and AT&T would be able to acquire the remaining 69 per cent of AT&T Canada once Canadian foreign ownership restrictions have been lifted.
Rogers Cantel has around two million customers and a turnover of £460 million.
The two Canadian operations will now work together bundling fixed and mobile services as well as sharing certain facilities and construction costs.
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