British Telecommunications PLC
1 June 2001
BT ANNOUNCES CLOSURE OF SALE OF ITS INTERESTS IN JAPAN TELECOM
BT today announced the closure of the sale of its interests in Japan Telecom
to Vodafone.
The first closing for £3.07 billion took place when BT received the
funds from Vodafone today. The second closing for the balance of approximately
£650 million will follow once BT exercises its recently announced call option
over 4.9 per cent direct stakes in each of the three J-Phone regional
operating companies. This is likely to be in about a month.
The total closure figures will mean a return of more than three times
BT's original investment in Japan. The proceeds will be used to reduce BT's
debt.
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5369.
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http://www.groupbt.com/mediacentre
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