19th Mar 2020 17:30
(Alliance News) - BT Group PLC on Thursday said it is to sell some of its domestic operations and infrastructure in 16 countries in Latin America to CIH Technology Holdings LLC.
BT said it the transaction is subject to regulatory approval and is expected to complete during 2020 and added that it agreed with CIH not to disclose financial terms of the sale.
The telecoms firm said it will retain a strong presence in the region after the sale, delivering "next-generation" networking, cloud and security services to multinational customers across 21 countries.
"Today's announcement is a key milestone in the execution of our strategy to become a more agile and focused business. It comes at a particularly challenging time for the global economy. As such, it is a sign of our determination to keep the business moving forward and continue connecting communities, businesses and governments. I am pleased to begin a new chapter in the region with CIH, providing continuity for our people and our customers," said Bas Burger, chief executive of Global, BT.
The stock closed up 1.9% at 129.44 pence on Thursday.
By Arvind Bhunjun; [email protected]
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