BT buys New Zealand company

BT buys New Zealand company

THE FORTUNES of the UK's two biggest telecoms players could become joined in New Zealand as a result of British Telecom's acquisition yesterday of Clear Communications, the country's second largest fixed line telecoms company. BT said the purchase cost "tens of millions of pounds" but would not give an exact figure. BT had planned to double its 25 per cent interest by acquiring a stake held by MCI Communications, a deal agreed after the companies' proposed merger fell through. But state-owned broadcaster TVNZ and Todd Corp recently decided to pull out of the telecoms sector. BT shares closed down 9p at 1058p.