BT to buy Plusnet for £66.7 million
Plusnet has published details of an offer made by the BT Group for the Sheffield based provider. The offer by BT is for the whole of the issued and to be issued share capital of Plusnet, with
each share worth 210 pence, valuing the company at £66.7 million. The press release detailing the offer can be found here.
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“I am pleased to announce BT’s offer this morning. Whilst the PlusNet Directors continue to believe that PlusNet is a high quality business, our sector is
consolidating and there are considerable benefits to PlusNet in becoming part of BT. BT recognises the importance of retaining PlusNet’s identity and culture and I believe this
will give rise to exciting opportunities for PlusNet, our customers and our employees.”
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Commenting on the Offer, Lee Strafford, Chief Executive Officer of PlusNet
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“This offer makes great sense for BT. We already provide the UK’s most popular and best-performing ADSL broadband service and this acquisition will ensure
that even more people can enjoy our market-leading services. PlusNet’s customers and employees will benefit from the combination of PlusNet’s excellent platform and access
to BT’s 3 resources and technology development.”
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BT Retail chief executive, Ian Livingston
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At this time it appears there are to be no immediate plans for changes affecting Plusnet and Metronet customers, with Plusnet continuing to operate from Sheffield. BT appears to want to retain
Plusnet's individual identity and culture, while continuing to use and develop the Plusnet Workplace platform.
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