BT Moves To Acquire Scoot
BT has entered into an agreement to acquire business directory service Scoot.com for more than £8m and has had its offer unanimously recommended by Scoot’s shareholders.
The telecoms group, which has been looking to acquire a directory service since it sold Yell last year, intends to integrate Scoot’s assets into its own operator and directory services business in an attempt to strengthen its European directory enquiries unit.
BT will pay £5m in cash for the ailing online directory firm, which announced last September that it could no longer survive as an independent business (see Closure Looms For Scoot), and will also take on liabilities in excess of £3m.
Commenting on the proposed acquisition, Pierre Danon, CEO of BT Retail, said: “The acquisition of the Scoot business is an exciting development. Scoot has been very successful in developing a comprehensive classified listings database and in establishing a highly efficient classified search engine.”
Scoot raised £45m from the sale of its classified advertising business Loot last year (see Scoot.com Sells Loot). However, following the sale the group, which had been struggling to stay afloat for some time, Scoot announced that it did not have sufficient working capital and could not survive beyond May 2002.
BT: 0207 469 2337 www.bt.com Scoot.com Plc: 020 7466 5000 www.scoot.com
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