BT Group has confirmed it is to acquire substantially all the assets, contracts, and employees of Infonet Switzerland, its former joint venture with Swisscom. In a related transaction, BT’s existing 10% shareholding in Infonet Switzerland will be acquired by Swisscom, following which, Infonet Switzerland, the existing joint venture between the two partners, will be effectively wound up. Completion of the agreement will take place by the end of November. BT is expected to pay approximately CHF6.6 million (USD5.8 million) in cash for the operations acquired from Infonet Switzerland.
Swisscom is expected to purchase BT’s stake in Infonet Switzerland for cash consideration of CHF0.5 million.