BT welcomes CMA’s approval of EE acquisition
BT today welcomed the Competition and Markets Authority’s (CMA) decision to approve its acquisition of EE, unconditionally without remedies.
The CMA’s decision paves the way for BT to complete the acquisition of EE in the coming weeks and to incorporate the business into the wider BT Group in the months to come.
There will be a distinct EE line of business following completion of the acquisition. This will be led by Marc Allera who will become EE CEO following completion of the deal.
BT Chief Executive Gavin Patterson said: “It is great news that the CMA has approved our acquisition of EE. We are pleased they have found there to be no significant lessening of competition following an in-depth investigation lasting more than ten months.
“The combined BT and EE will be a digital champion for the UK, providing high levels of investment and driving innovation in a highly competitive market. I have no doubt that consumers, businesses and communities will benefit as we combine the power of fibre broadband with the convenience of leading edge mobile services. I look forward to welcoming EE into the BT family”.
Following today’s approval BT will commence the formal process of completing the deal. A prospectus will be issued in the week commencing January 25 with the deal set to close on January 29 when Deutsche Telekom and Orange will receive shares in BT. BT will report its Q3 2015/16 results on February 1.
Following completion of the deal Deutsche Telekom will have twelve per cent of BT shares and Orange will have four per cent. A representative of Deutsche Telekom will be appointed to the BT Board in due course.
BT’s purpose is to use the power of communications to make a better world. It is one of the world’s leading providers of communications services and solutions, serving customers in more than 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to its customers for use at home, at work and on the move; broadband, TV and internet products and services; and converged fixed/mobile products and services. BT consists principally of five customer-facing lines of business: BT Global Services, BT Business, BT Consumer, BT Wholesale and Openreach.
For the year ended 31 March 2015, BT Group’s reported revenue was £17,979m with reported profit before taxation of £2,645m.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
For more information, visit www.btplc.com