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March 20, 1996

BRITISH TELECOM BUYS BELL CANADA’S 25% OF CLEAR

By CBR Staff Writer

British Telecommunications Plc has finally confirmed that it is taking a 25% stake in New Zealand’s second telephone company, Clear Communications Ltd. It will simply buy Bell Canada Ltd’s 25% stake and leave it at that after speculation in January that it might go to 50% (CI No 2,840). MCI Communications Corp will retain its pre-existing 25% stake, leaving the Concert alliance between the two with 50%. The other investors are Television New Zealand and Todd Corp, each also with 25%. Terms were not disclosed but the total consideration is less than 1% of British Telecom’s consolidated net assets. Telecom Corp of New Zealand Ltd chief executive Roderick Deane said the investment should blow the myth of poor little struggling Clear out of the water, as Clear now had two of the world’s largest telecommunications companies backing it. In the year to March 1995, Clear reported net operating profit of $19.7m on revenues of $163m.

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