BT is buying small rival broadband provider PlusNet for around £67m.
BT said PlusNet, “has a strong reputation for both customer service and innovation”. Operating since 1997, PlusNet was listed on the Alternative Investment Market in 2004.
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It has grown rapidly during the last few years and now has close to 200,000 broadband customers, as well as an additional internet dial-up customer base. PlusNet will retain its brand and identity if the deal goes through, said BT.
PlusNet will continue to operate from its base in Sheffield and Lee Strafford will remain the company’s chief executive officer. For the 12 months to 30 June 2006, PlusNet had revenues of £41m, and net profits of £3.9m.
BT Retail chief executive Ian Livingston said, “PlusNet’s customers and employees will benefit from the combination of PlusNet’s excellent platform and access to BT’s resources and technology development.”
Strafford said, “Whilst the PlusNet directors continue to believe that PlusNet is a high quality business, our sector is consolidating and there are considerable benefits in PlusNet becoming part of BT.”
Strafford said the PlusNet board had unanimously approved the deal.
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