Frantic negotiations were under way earlier this week to seal the privatisation
of the British Technology Group, the organisation which markets ideas and
inventions emerging from British universities. The management-led team from
the BTG, whose consortium鈥檚 bid triumphed, feared that the sale would collapse
unless it was rapidly completed.
With the budget this week and the government expected to call an election
for 9 April, the parliamentary timetable for completing the sale was running
dangerously tight, said a spokesman for the BTG team. While relieved to
have won the battle for the BTG, the winning team was privately furious
that the government only announced the winning tender on Wednesday last
week, leaving only a few days to clinch the deal.
鈥榃e have to exchange contracts early this week with the government,鈥�
said the BTG spokesman. 鈥楾his means finalising the involvement of the investors,
getting a share option scheme in place for BTG employees and confirming
to all parties the ingredients of our business.
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The lead investor in the consortium is CIN, the British Coal pension
fund and the second largest investment fund in Europe. CIN was this week
finalising financial arrangements with the other institutional investors
in the consortium and with a number of universities which have taken
small shares in the new company.
鈥極bviously, some very quick decisions have to be made, but hopefully
it鈥檚 all a going to come out alright,鈥� said a spokesman for the Committee
of Vice Chancellors and Principals (CVCP), the body which represents
British universities. 鈥楤TG is very strong, and has the confidence of the
universities,鈥� he said.
Some universities had supported Research Corporation Technologies (RCT)
of Tucson, Arizona, the bidder which lost to the BTG buyout team at the
last hurdle. The CVCP 鈥榳ould have been included in both bids, though in
a slightly different way鈥�, said the committee鈥檚 spokesman.
John Ashworth, who is vice-principal of the London School of Economics
and the leader of the RCT bid, expressed-disappointment at the outcome.
鈥業t鈥檚 important that BTG is managed in such a way that British universities
get the best return they can,鈥� he said.
Ashworth said that RCT is still committed to becoming a global technology
transfer organisation and may yet open an office in Britain, something it
has tried unsuccessfully in the past. 鈥楤ut there are no firm plans yet,鈥�
he added.
