BT buys Scoot
...or else
Posted in Business, 28th June 2002 08:51 GMT
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BT is to acquire the assets of business finder directory service - Scoot.com - for £8 million.
The deal has the full backing of the Scoot board but if shareholders reject the offer then management has said it will pull the plug on the business.
Scoot made a pre-tax loss of £35 million last year balanced against total assets of £2.2 million.
Despite flogging parts of its business - namely its Scoot Europe JV and the classified ad outfit Loot - and engaging in a massive round of cost-cutting, the business hasn't been able make enough money to cover its overheads.
BT intends to merge Scoot's assets into BT's Operator & Directory Services business - a service which is currently being deregulated and opened up to competition. ®
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