BT Terminates Agreement With Transcorp
2007-04-18 15:00:00 | Viewed 852 times
BT, one of the world’s leading providers of communications solutions and services, announced today that it was terminating its agreement with Transcorp, with immediate effect.
BT was engaged by Transcorp as the technical partner for both Nitel and MTel following their acquisition by Transcorp in November 2006. Under phase 1 of this engagement, BT has supplied consulting services to address key elements of the technology evaluation, reorganisation and reengineering of the companies, as well as supplying the interim CEOs for both Nitel and MTel.
Although BT and Transcorp had looked towards implementing the next phase of their engagement, failure to agree on key issues such as Nitel’s and MTel’s working capital requirements has meant that BT had no option but to terminate their agreement. The CEOs of both Nitel and MTel have also been recalled by BT, and their roles with Transcorp terminated.
BT continues to be committed to Nigeria and will be announcing the launch of new services out of Nigeria later this year.
About BT
BT is one of the world’s leading providers of communications solutions and services operating in 170 countries. Its principal activities include networked IT services, local, national and international telecommunications services, and higher-value broadband and internet products and services. BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.
In the year ended 31 March 2006, BT Group plc’s revenue was £19,514 million with profit before taxation of £2,040 million.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
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