BT steps up £12.5bn EE acquisition talks entering into exclusivity period
BT has entered into an exclusivity agreement with Deutsche Telekom and Orange in relation to its possible acquisition of their UK mobile business EE.
The agreement will last several weeks as the firm seeks time to acquire EE, a move which will grant the company an entry into the UK mobile industry. With the purchase, BT would own one of the UK's most advanced 4G networks.
The teleco giant remains in discussions to purchase EE for £12.5bn. This will be payable as a combination of cash and BT shares issued to both Deutsche Telekom and Orange.
EE was formed in a 50:50 joint venture between Deutsche Telekom and Orange in 2010.
After the merger, Deutsche Telekom would hold a 12 per cent stake in BT and would be entitled to appoint one member of the BT board of Directors. Orange would hold a four per cent stake.
This comes after Orange, last week brought to an end it's decade-long Orange Wednesday promotion.
