After weeks of speculation linking it with the acquisition of one of the UK's two biggest mobile carriers, BT has finally confirmed that EE will be the subject of its affection. The telecoms giant announced today that it has entered "exclusive negotiations" with a view to buy the Orange and Deutsche Telekom joint-venture for £12.5 billion. BT says the deal will allow it to "accelerate its existing mobility strategy" and re-enter the mobile market after it sold off O2 for £17.7 billion almost a decade ago.
As it stands, the deal is far from complete. Today's announcement confirms that BT has chosen EE over O2 as its acquisition target, allowing it to "complete its due diligence" and confirm the specifics of the deal. However, BT says that as part of current discussions, Deutsche Telekom would hold a 12 percent stake in the company, while Orange would own 4 percent.
Developing..
Exclusive negotiations on potential sale of @EE to @BT_UK over next weeks, based on enterprise value of GBP 12.5 billion. #Telekom @Orange.
- DeutscheTelekomGroup (@Telekom_group) December 15, 2014 Source: BT
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