(MENAFN) BT has concluded a deal to acquire mobile operator EE for USD19 billion and now faces a contested approval process to book its status as Britain's top communications firm, Gulf News reported.
The deal will be funded by a USD1.5 billion share issue and debt and was warmly received by investors who sent its shares to a fourteen-year high, bringing together BT's 10 million and EE's 24.5 million consumers.
BT had spent the last few weeks in exclusive talks with the owners of EE, Orange and Deutsche Telekom, about a deal. The German and French firms will hold 12 percent and 4 percent stakes in BT, respectively.
"The UK's leading 4G network will now dovetail with the UK's biggest fibre network, helping to create the leading converged communications provider in the UK," BT Chief Executive said.
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