BT Eyes Global Acquisitions

BT is looking acquisitions to bolster its international business as its domestic operations come under increasing pressure from a host of internet-based rivals.

Chief executive Ben Verwaayen told foreign journalists the group is ready to add to its Global Services division as it seeks to expand in territories such as India and China. However, he ruled out a re-entry into mobile networks, a market BT exited when it demerged O2 in 2001 to help pay down a £30 billion debt mountain. O2 was bought last year by Spain’s Telefónica for £17.7 billion.

“Will we buy another network? It’s very unlikely,” Mr Verwaayen said, adding: “We won’t make an acquisition that will change our strategy but only an acquisition which will accelerate our strategy.”