LONDON-British Telecommunications plc said it will acquire for $5 billion Securicor’s 40-percent shareholding in BT Cellnet, the United Kingdom’s second-largest cellular operator-behind Vodafone AirTouch plc-with about 5 million subscribers. British Telecom already owns 60 percent of BT Cellnet, so the acquisition would give it full ownership.
The transaction is subject to regulatory and Securicor shareholder approvals and should be completed in the fourth quarter, said British Telecom.
“The acquisition will leave us well-placed to capitalize on the opportunities presented by second- and third-generation mobile technology in the highly competitive U.K. mobile market,” said Sir Peter Bonfield, chief executive of British Telecom, following the announcement. “We look forward to winning a 3G license and building the [United Kingdom’s] leading third-generation business.”
