P.M. BRIEFING : AT&T; Plans to Buy British Firm
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LONDON — American Telephone & Telegraph Co. announced today it plans to buy Istel Group Ltd., a British information technology company, for $290 million in cash.
The acquisition represents AT&T;’s first major purchase in Britain and would strengthen the company’s presence in the information movement and management industry in Europe.
“We think Istel can support AT&T; in important ways as AT&T; seeks to become a more global player,” John Berndt, president of AT&T; International Communications Services, told a news conference. “We are trying to expand our capabilities outside the United States.”
Under the terms of the offer, Istel would become a wholly owned subsidiary of AT&T; with no change in its name or management.
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