BT announced this week it has received stockholder approval to complete its acquisition of international service provider Infonet.
In November, BT announced its plans to acquire Infonet for $965 million. Infonet was in financial trouble looking to increase revenues and stem losses. BT was trying to expand its global network and customer base.
The deal fulfills both goals.
Infonet, despite its financial woes, has a strong customer base of about 1,800 corporate users. Some of the better-known users include Bayer, IBM, Hilton International, Nestlé and Hitachi.
Infonet has points of presence in 3,000 cities, local operations in 70 countries and network access in another 180 countries.
The company is being renamed BT Infonet and is part now part of BT Global Services. Infonet’s former CEO Jose Collazo will remain on board as chief executive of BT Infonet. In a press release issued by BT, Collazo will “manage the business, maintain continuity for customers and assist in the integration of the two customer bases and product sets.”
