Report of Foreign Issuer (6-k)
16 December 2019 - 10:21PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of
Announcement: 16 December
2019
BT Group plc
(Translation
of registrant's name into English)
BT
Group plc
81 Newgate Street
London
EC1A 7AJ
England
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F..X...
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
16 December 2019
BT ACCELERATES GLOBAL TRANSFORMATION WITH SALE OF DOMESTIC
OPERATIONS IN SPAIN TO PORTOBELLO CAPITAL
BT today announced that it
has reached an agreement for the sale of its Spanish managed ICT
services business including its domestic network infrastructure to
funds managed by Portobello Capital. The transaction is subject to
regulatory approval and is expected to complete in the first half
of 2020.
The
sale is part of BT's ongoing transformation of its Global unit,
focused on delivering next generation networking, cloud and
security services to multinational customers. BT will retain a
presence in Spain with offices in Madrid and Barcelona, access
points to connect to its global network and its cyber security
operations centre. Through a wholesale agreement, BT will continue
to have access to the domestic infrastructure. The Spanish business
will also become a reseller of BT's global products under a resale
agreement.
The
Spanish business, which will be led by members of the current
management team, provides networking services to around 600 major
enterprises, including most of the IBEX-35 index companies, and
generated c.£230m (c.€270m) revenue (on a pro forma
basis) in the 2018/19 financial year. Assets in the transaction
include a 5,600 km owned and leased optical fibre network, fully
owned city fibre networks in Barcelona and Madrid and three data
centres.
"Today's
announcement is another key milestone in the execution of our
strategy to make Global a more agile and customer focused business.
The transaction is great for BT, for our people and for our
customers. Through agreements with the Spanish business, it
provides continuity to both our multinational and local customers.
It also enables us to focus on what we do best: providing secure
connectivity and digital solutions to multinational companies
globally," said Bas Burger, CEO of Global, BT.
"We
are very pleased to invest in one of the leading providers of
managed telecommunications services to the corporate market in
Spain. We look forward to continued investment in the development
of the business for the benefit of new and existing customers in
the region" says Luis Peñarrocha, a founding partner of
Portobello Capital.
BT
was advised on the transaction by Credit Suisse International
(M&A), Allen & Overy (legal) and EY (accounting).
Portobello Capital was advised on the transaction by Natixis
Partners (M&A), Jones Day (legal), KPMG (accounting, tax and
labour) and Oliver Wyman (commercial).
About Portobello Capital
Founded
in 2010, Portobello Capital is a leading independent Mid-Market
Private Equity manager based in Spain that invests in Southern
Europe. It has 1.3€bn AuM, a team of twenty-seven
professionals and fifteen companies in its portfolio. Portobello
Capital manages two primary funds. Fund III was closed in 375
million euro in August 2014 and it is fully invested, and Fund IV
closed in February 2018 which is currently being invested.
Portobello Capital is also managing a Secondary vehicle with c.
300m€.
For
more information, visit www.portobellocapital.es
About BT
BT's
purpose is to use the power of communications to make a better
world. It is one of the world's leading providers of communications
services and solutions, serving customers in 180 countries. Its
principal activities include the provision of networked IT services
globally; local, national and international telecommunications
services to its customers for use at home, at work and on the move;
broadband, TV and internet products and services; and converged
fixed-mobile products and services. BT consists of four
customer-facing units: Consumer, Enterprise, Global and
Openreach.
For the
year ended 31 March 2019, BT Group's reported revenue was
£23,428m with reported profit before taxation of
£2,666m.
British
Telecommunications plc (BT) is a wholly-owned subsidiary of BT
Group plc and encompasses virtually all businesses and assets of
the BT Group. BT Group plc is listed on the London stock
exchange.
For
more information, visit www.btplc.com
Follow BT on…
Twitter: @BT_global
LinkedIn: BT
for Global business
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group plc
(Registrant)
By: /s/
Rachel Canham, Company Secretary
--------------------
Rachel
Canham, Company Secretary.
Date
16 December
2019
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