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. Last Updated: 07/27/2016

BT Takes Over Cellnet

LONDON -- British Telecom says it is taking full control of mobile phone company Cellnet after agreeing to buy the outstanding 40 percent from Securicor PLC for pounds 3.15 billion ($5.02 billion).

Shares in Securicor and BT rose sharply on news Tuesday of the long-awaited deal, which will allow the security group to focus on its core businesses ranging from cash collection to overnight parcel delivery and give BT full ownership of Britain's second biggest mobile phones group.

BT has been keen to buy the rest of Cellnet to counter increased competition from British mobile phone market leader Vodafone, which merged with U.S. counterpart AirTouch this year to create the world's biggest cellphone firm.