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KPN sells its 18% holding in Infonet Services Corporation
Den Haag, 8-11-04
Infonet is a global provider of voice and data communications solutions. In return for the sale of its 18% holding in Infonet, KPN will receive approximately USD 170 million in cash.
Under the terms of the agreement, approved by the boards of BT and Infonet, shareholders of Infonet will receive USD 2.06 cash per share. The transaction is subject to regulatory approvals and is expected to be completed during the first half of 2005. Infonet's other major shareholders Telefonica, KDDI, TeliaSonera, Telstra and Swisscom are selling their holdings simultaneously.
