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On 12 April 2001, the acquisition of a 15% stake in Japan Telecom, the controlling
shareholder of the J-Phone Group, from West Japan Railway Company and Central
Japan Railway Company was completed. On 27 April 2001, the Group completed the
acquisition of a further 10% stake in Japan Telecom from AT&T Corporation for a cash
consideration of $1.35 billion (£0.9 billion), bringing the Group's interest in Japan
Telecom to 25% at that time.
On 2 May 2001, the Company announced that it had agreed to acquire, for a cash
consideration of approximately £3.7 billion, BT Group plc's ("BT's") ownership interests
in the J-Phone Group and Japan Telecom, comprising BT's combined shareholdings of
20% in Japan Telecom and 20% in J-Phone Communications for £3.1 billion, and
BT's aggregate interest of approximately 4.9% in the J-Phone operating companies
for a further £0.6 billion. The transaction completed on 1 June 2001, except for the
acquisition of BT's interests in the operating......

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Approximate Word Count: 462
Approximate Pages: 2 (250 words per double-spaced page)

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