BT Mops up NET2S Shares

BT Group PLC said it has agreed to buy 68.6 pct of Net2S SA from four controlling founding shareholders, valuing the technology consulting company at about 68.5 million euros.

BT, which revealed the talks to buy the stake in October, said it will issue new BT shares in exchange for 42.9 pct of Net2S’ shares and buy the rest for 5.27 eur a share cash.

BT also said it has proposed that Net2S distribute 5 million eur of cash to its shareholders by way of a special dividend, equating to 0.385 eur per share, before the acquisition.

NET2S (Network Service Solutions) principal activity is to offer consulting services. The Group offers services through two major segments, Banks, insurance companies, financial institutions and Telecommunication sector.

The services offered range from strategy and roadmap, design and architecture, implementation and development to Operations Support of information systems and communication technology infrastructures.

The Group operates in France, the United States, the United Kingdom, Belgium, Spain and Morocco.