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Technology Stocks : Newbridge Networks

NN 16.41

-1.7%

Dec 12 9:30 AM EST

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To: j g cordes who wrote (5935)	8/13/1998 4:44:00 AM
From: pat mudge	of 18016

Good news from BT re: Concert: <<< THURSDAY AUGUST 13 1998ÿÿUK & Irelandÿ TELECOMS: BT in $1bn Concert deal By Christopher Price British Telecommunications is to pay $1bn for MCI's 24.9 per cent stake in Concert Communications following the takeover by rival US telecoms operator, WorldCom. The move will be the final transaction in the lengthy episode which saw the UK telecoms group vying with WorldCom for MCI, only to be trumped by a $37bn offer from the US company last year. MCI took its stake in Concert in 1993 when the international communications venture was formed. At the same time, BT took a 20 per cent interest in MCI, for which it is due to receive $7bn when the takeover by WorldCom is complete. BT recently announced a $10bn global venture with AT&T and yesterday said that after the Concert transaction, responsibility for distribution of Concert services in the US would be given to the US telecoms group. However, MCI will also continue to distribute Concert services in the US for a further two years as part of the termination agreement. News of yesterday's transaction had been expected. The surprise was the price, which was at the higher end of analysts' forecasts. BT's agreement with AT&T last month will see the two companies pool their international operations in a joint venture. The move will generate an initial turnover of $10bn and operating profits of $1bn. It will also handle 25bn minutes of telecoms traffic annually. <<<

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