BT to buy UK wireless carrier EE for $19 bn
BT Group Plc agreed to buy British mobile carrier EE Ltd for £12.5 billion ($19 billion) to create a wireless and broadband giant set to shake up the country's telecommunications industry.
Orange SA and Deutsche Telekom AG, the French and German owners of the four-year-old venture, will receive as much as £6.2 billion in cash and the remainder in new BT shares, Chief Financial Officer Tony Chanmugam said Thursday during a conference call. The combination will generate cost savings valued at about £3 billion after costs. The deal, which requires antitrust approval, is projected to be completed by March 2016, BT said.
Orange SA and Deutsche Telekom AG, the French and German owners of the four-year-old venture, will receive as much as £6.2 billion in cash and the remainder in new BT shares, Chief Financial Officer Tony Chanmugam said Thursday during a conference call. The combination will generate cost savings valued at about £3 billion after costs. The deal, which requires antitrust approval, is projected to be completed by March 2016, BT said.