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BT confirms £12.5bn offer for EE

Sharecast

LONDON (ShareCast) - Telecoms company BT has confirmed its cash and shares offer of £12.5bn for Britain's largest mobile operator EE. According to BT, the acquisition will create the largest communications company in UK as EE has 24.5m direct mobile customers. BT will finance it partly by a £1bn share issue with EE's current owners Deutsche Telekom (Xetra: 555750 - news) and Orange (Taiwan OTC: 4554.TWO - news) keeping stakes of 12% and 4% in BT.

The deal is subject to approval from shareholders and the Competition and Markets Authority (CMA) and is expected to complete before March 2016.

BT expects operating savings and synergies of around £360m a year in the fourth year after the deal completes. Current EE customers will be offered BT services including broadband, fixed line and pay-TV services.

BT CEO Gavin Patterson said: "This is a very exciting time and a new chapter for BT."