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Ma Bell and BT sing in Concert

$10 billion deal is finalised

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AT&T and British Telecommunications Plc announced today that their $10 billion joint venture, Concert, has been signed, sealed and delivered. Concert will combine both companies' international networks, traffic, and business products. "This is a new company for the new Millennium addressing the massive growth in e-business in the Internet-enabled global economy," BT CEO Sir Peter Bonfield gushed. Concert is expected to generate revenues of US $7 billion in FY 2000, with earnings before interest and taxes of about $700 million. Expected capital expenditures for 2000 are estimated at $1.5 billion, the companies said. Concert has fixed assets of approximately $3 billion. ®

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