BT Group plc (trading as BT and formerly British Telecom) is a British multinational telecommunications holding company headquartered in London, gland. It has operations in around 180 countries and is the largest provider of fixed-line, broadband and mobile services in the UK, and also provides subscription television and IT services.
BT's origins date back to the founding in 1846 of the Electric Telegraph Company, the world's first public telegraph company, which developed a nationwide communications network. BT Group as it came to be started in 1912, wh the Geral Post Office, a governmt departmt, took over the system of the National Telephone Company
Becoming the monopoly telecoms supplier in the United Kingdom. The Post Office Act of 1969 led to the GPO becoming a public corporation.
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The British Telecom brand was introduced in 1980, and became indepdt of the Post Office in 1981, officially trading under the name. British Telecommunications was privatised in 1984, becoming British Telecommunications plc, with some 50 perct of its shares sold to investors. The Governmt sold its remaining stake in further share sales in 1991 and 1993. BT holds a royal warrant and has a primary listing on the London Stock Exchange, and is a constitut of the FTSE 100 Index.
With the invtion of the telephone by Alexander Graham Bell in 1876 the GPO began to provide telephone services from some of its telegraph exchanges. In 1882 the Postmaster-Geral, Hry Fawcett started to issue licces to operate a telephone service to private businesses and the telephone system grew under the GPO in some areas and private ownership in others. The GPO's main competitor, the National Telephone Company, emerged in this market by absorbing other private telephone companies, prior to its absorption into the GPO in 1912.
The trunk network was unified under GPO control in 1896 and the local distribution network in 1912. A few municipally owned services remained outside of GPO control. These were Kingston upon Hull, Portsmouth and Guernsey. Hull still retains an indepdt operator, Kingston Communications, though it is no longer municipally controlled.
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In 1969 the GPO, a governmt departmt, became the Post Office, a nationalised industry separate from governmt. Post Office Telecommunications was one of the divisions.
The British Telecom brand was introduced in 1980. On 1 October 1981, this became the official name of Post Office Telecommunications, which became a state-owned corporation indepdt of the Post Office under the provisions of the British Telecommunications Act 1981. In 1982 BT's monopoly on telecommunications was brok with the granting of a licce to Mercury Communications.
On 19 July 1982, the Governmt announced its inttion to sell shares in British Telecom to the public. On 1 April 1984, British Telecommunications was incorporated as a public limited company (plc) in anticipation of the passing of the Telecommunications Bill. This Bill received Royal Asst on 12 April, and the transfer to British Telecommunications plc from British Telecom as a statutory corporation of its business, its property, its rights and liabilities took place on 6 August 1984.
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Initially all shares in the new plc were owned by the Governmt. In November 1984, 50.2% of the new company was offered for sale to the public and employees. Shares were listed in London, New York, and Toronto and the first day of trading on was 3 December 1984. The Governmt sold half its remaining interest in December 1991 and the other half in July 1993. In July 1997, the new Labour Governmt relinquished its Special Share (Gold Share), retained at the time of the flotation, which had effectively giv it the power to block a takeover of the company, and to appoint two non-executive directors to the Board.
The company changed its trading name to BT on 2 April 1991. In 1996 Peter Bonfield was appointed CEO and Chairman of the Executive Committee, promising a rollercoaster ride.
In the 1990s, BT tered the Irish telecommunications market through a joint vture with the Electricity Supply Board, the Irish state owned power provider. This vture, titled Ocean, found its main success through the launch of Ireland's first subscription-free dial-up ISP, oceanfree.net. As a telecoms company it found much less success, mainly targeting corporate customers. BT acquired 100% of this vture in 1999.
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In June 1994 BT and MCI Communications launched Concert Communications Services which was a $1 billion joint vture betwe the two companies. Its aim was to build a network which would provide easy global connectivity to multinational corporations.
This alliance progressed further on 3 November 1996 wh the two companies announced that they had agreed to a merger, creating a global telecommunications company called Concert plc. The proposal gained approval from the European Commission, the US Departmt of Justice, and the US Federal Communications Commission and looked set to proceed.
However, in light of pressure from investors reacting to the slide in BT's share price on the London Stock Exchange, BT reduced its bid price for MCI, releasing MCI from its exclusivity clause and allowing it to speak to other interested parties.
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BT sold its stake in MCI to Worldcom in 1998 for £4, 159 million. As part of the deal, BT also bought out from MCI its 24.9% interest in Concert Communications, thereby making Concert a wholly owned part of BT.
The reaction to the failure of the deal in the City of London was critical of th Chairman Iain Vallance and CEO Peter Bonfield, and the lack of confidce from the failed merger led to their removal.
As BT now owned Concert, and still wanted access to the North American market, it needed a new partner. An AT&T/BT option had be mooted in the past, but stopped on regulatory grounds due to their individual virtual monopolies in their home markets. By 1996, this had receded to the point where a deal was possible and a deal was consummated in 1998.
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At its height, the Concert managed network was extsive. Although Concert continued signing customers, its rate of revue growth slowed, so that in 1999 David Dorman was made CEO with a brief to revive it.
In late 2000 the BT and AT&T boards fell-out – partly due to each partner's excess debt, and the resulting board room clear-outs – partly due to Concert's extsive annual losses. AT&T recognized that Concert was a threat to its ambitions if left intact, and so negotiated a deal where Concert was split in two in 2001: North America and Eastern Asia wt to AT&T, the rest of the world and $400M to BT. BT's remaining Concert assets were merged into its BT Ignite, later BT Global Services group.
It also purchased Telor's minority shareholding in Esat Digifone. The Esat Telecom Group was split in two with the landline and internet operations were combining with Ocean to become part of BT Ignite.
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Esat Group was ramed Esat BT in July 2002, and evtually BT Ireland in April 2005. Esat Digifone became part of BT Wireless, before being spun off into a separate indepdt company mmo2 plc (now Telefónica Europe). EsatBT installed the first DSL lines in Ireland, to try and compete heavily with former state telecoms company Eircom and operate one exchange, in Limerick.
By 2001, BT had a debt of £30 billion, much of which was acquired during the bidding round for the 3rd geration mobile telephony (commonly known as 3G) licces.
It had also failed in its series of proposed global mergers, and the funds flowing from its th virtual monopoly of the UK market place had be largely removed. It was also headed by two executives who had little support from the London Stock Exchange, particularly in light of a 60% drop in share price in sixte months.
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Philip Hampton joined as CFO, and in April 2001 Sir Iain Vallance was replaced as Chairman by recognised turn around expert Sir Christopher Bland.
A few days before, it sold stakes in Japan Telecom, in mobile operator J-Phone Communications, and in Airtel of India to Vodafone.
In June 2001 BT's directory business was sold as Yell Group to a combination of private equity firms Apax Partners and Hicks, Muse, Tate & Furst for £2.1 billion.
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A demerger followed in November 2001, wh the former mobile telecommunications business of BT, BT Cellnet, was hived off as a separate business named mmO2.
This included BT owned or operated networks in other countries, including BT Cellnet (UK), Esat Digifone (Ireland), and Viag Interkom (Germany). All networks now owned or operated by mmO2 (except Manx Telecom) were ramed as O2. The de-merger was accomplished via a share-swap, all British Telecommunications plc shareholders received one mmO2 plc and one BT Group plc (of which British Telecommunications is now a wholly owned subsidiary) share for each share they owned. British Telecommunications plc was de-listed on 16 November, and the two new companies started trading on 19 November.
Bonfield's salary to 31 March 2001 was a basic of £780, 000 (increasing to £820, 000) plus a £481, 000 bonus and £50, 000 of other befits including psion. He also received a deferred bonus, payable in shares three years' later, of £481, 000, and additional bonuses of £3.3 million.
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MmO2 plc was replaced by O2 plc in
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