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BT to buy mobile firm EE for £12.5bn BT to buy mobile firm EE for £12.5bn
(36 minutes later)
Telecoms group BT has bought the mobile operator EE for £12.5bn.Telecoms group BT has bought the mobile operator EE for £12.5bn.
The takeover creates a communications giant covering fixed-line phones, broadband, mobile and TV. Existing EE shareholders Orange and Deutsche Telekom will sell 100% of their shares.The takeover creates a communications giant covering fixed-line phones, broadband, mobile and TV. Existing EE shareholders Orange and Deutsche Telekom will sell 100% of their shares.
But Orange will receive a 4% stake in the new combined business, as well as about £3.4bn in cash. Deutsche Telecom will hold 12% in the new combined business and have a seat on the board.
Orange will receive a 4% stake, as well as about £3.4bn in cash.
BT says it plans to raise £1bn through a placing of new shares to fund the deal.BT says it plans to raise £1bn through a placing of new shares to fund the deal.
BT said in a statement: "The combination of EE and BT will provide customers with innovative, seamless services that combine the power of fibre broadband with wi-fi and advanced mobile capabilities. It said in a statement: "The combination of EE and BT will provide customers with innovative, seamless services that combine the power of fibre broadband with wi-fi and advanced mobile capabilities.
EE leads the market in 4G, the fastest mobile bandwidth. It has 24.5 million customers and holds 33.8% of the UK mobile market by revenue, according to Citigroup. Savings and revenues
The deal is expected to be finalised by March next year, subject to approval by shareholders of BT and scrutiny from telecoms regulator Ofcom. EE leads the market in 4G, the fastest mobile bandwidth. It said on Thursday said its 4G customer base had risen to 7.7 million subscribers.
BT says that within four years, the deal will be saving it £360m a year in terms of operating costs and capital investment.
It added that by combining the two businesses, it should be able to generate an extra £1.6bn a year in sales.
The deal is expected to be finalised by March next year, subject to approval by shareholders of BT and scrutiny from the Competition and Markets Authority.