BT confirms Italian job
Goes large with Albacom
BT is to take full control of Italy's second biggest telco in a move set to cost around €116m (£80m). The UK's dominant fixed line telco is to acquire the outstanding 74 per cent of Albacom is doesn't already own from ENI, BNL and Mediaset.
"This move reflects BT's strategy of establishing a pan-European presence to service multi-site organisations, with strong local operations in key countries," said the telco in a statement.
"Together with its recently announced acquisition of Infonet, the integration of Albacom will allow BT to provide an unmatched service to corporate and public sector customers in Italy and to international businesses with operations in Italy."
The deal should be complete early next year once it has been given regulatory approval.
Albacom is the second largest telecoms operator in the Italian business market, behind Telecom Italia, with an 11 per cent share of the data services market. It provides data transmission, voice and Internet services to more than 240,000 Italian businesses and to international companies active in Italy.
In the year to March 2004 Albacom generated earnings before interest etc (EBITDA) of €39m (£27m) on revenues of €655m (£452m). ®