BT completes acquisition of 68.6% of Net2S SA

BT announced that it has completed the acquisition of 68.6% of Net2S SA’s outstanding issued share capital from four controlling founding shareholders at a price of €5.27 per share. The deal values the entire outstanding issued share capital of Net2S SA at €68.5 mln.

Subject to approval from France‘s Autorite des marches financiers, BT will implement in the coming weeks a public tender offer for the remaining issued share capital of Net2S SA at a price of €5.27 per share.

As a consequence of the purchase of this controlling block by BT, the board of directors of Net2S SA has acknowledged the resignation of Pascal Petit, Ali Pichvai et Guy Courtois from their positions as directors and has appointed Olivier Huart, Franck Cormier and Bruno de Saint Chamas as new directors of the company. Olivier Huart will chair the board of directors and Franck Cormier has been appointed chief executive officer.

NET2S is a consulting group specialized in the implementation of innovating solutions focusing on information and communication technologies, and leader on the security market. Established in Paris, London, New York, Zurich, Brussels, Madrid and Casablanca, NET2S has 833 employees and recorded annual sales of 77 mln euros in 2006.