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France Telecom To Buy Out Wanadoo

Posted: 24th Feb, 2004 By: MarkJ
France Telecom has launched a bid to buy out the remaining 29.4% stake in its ISP division Wanadoo, which owns UK ISP Freeserve. The reason appears to be because FT wants a bite of the growing broadband pie:

The incumbent said it would offer minority shareholders seven France Telecom shares and EU195 for 40 Wanadoo shares. It will also offer a subsidiary cash-only deal of EU8.86 per share, and a stock-only deal of seven France Telecom shares for 18 Wanadoo shares.

Like other telcos, France Telecom has seen its traditional revenue streams from voice services decline and wants to capitalise on the fast-growing broadband market. It believes that integrating Wanadoo back into the business will help accelerate its new high-speed internet strategy, which includes offering services, voice, data and images in one package.

"This transaction constitutes a major step in the implementation of our vision of the client at the centre of his communication universe and is a step further in our development as an integrated operator and in line with our ambition to become the best European operator," said chairman and CEO Thierry Breton.


More @ netimperative.com .
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