BT enters exclusive talks to buy EE for GBP 12.5 billion

BT has entered into exclusive talks to acquire UK mobile operator EE from Deutsche Telekom and Orange for GBP 12.5 billion in cash and new shares. Under the non-binding terms agreed, Deutsche Telekom would hold 12 percent of BT and would be entitled to appoint a member to the BT board. Orange would own 4 percent of BT and receive a higher proportion of cash to preserve an equal split of the net proceeds from the sale of EE. The period of exclusivity will last several weeks to allow BT to complete due diligence and for negotiations on a definitive agreement to be reached.

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Source: Telecompaper

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