Berne, 14 November 2007
Adrian Schlund, CEO of BT Switzerland, says: "Many of the most dynamic multinational corporations are based in Switzerland. These companies rely increasingly on an integrated global ICT infrastructure for their business operations. BT and Swisscom complement each other very well, enabling both companies to meet this demand. Our agreement is in the interest of all customers and ensures optimum service provision. In particular, it ensures that existing customers of Infonet Switzerland Ltd can enjoy service continuity and the provision of innovative services in future."
Urs Schaeppi, CEO of Swisscom Solutions, comments: "Everyone wins in this situation. Swisscom benefits from the worldwide high-speed data networks and the excellent international standing of its partner BT, while BT gains from the reputation and strong customer relations of Swisscom in the national market. But the main beneficiaries of this partnership will be all of our customers with global communication requirements."
To achieve this, BT will acquire substantially all the assets, contracts, and employees from Infonet Switzerland Ltd. In a related transaction, BT's existing 10% shareholding in Infonet Switzerland Ltd will be acquired by Swisscom, following which, Infonet Switzerland Ltd, the existing joint venture between the two partners, will be effectively wound up. Completion of the agreement will take place end of November. BT is expected to pay approximately CHF 6.6m in cash for the operations acquired from Infonet Switzerland Ltd. Swisscom is expected to purchase BT's stake in Infonet Switzerland for cash consideration of approximately CHF 0.5m.