Andre Yoskowitz
5 Feb 2015 23:59
As has been rumored for months, telecom giant BT has agreed to acquire EE, the UK's largest wireless carrier.
The deal values EE at $19 billion (12.5 billion euro), and will give BT the biggest 4G LTE customer base in all of Europe. Altogether, EE has 31 million subscribers.
BT has been looking to get back in the mobile market for the last two years, and became an MVNO last year using EE's network.
EE has 7.7 million 4G LTE users, far and away the largest in Europe, where the speedy mobile networks are still being adopted.
"This is a major milestone for BT as it will allow us to accelerate our mobility plans and increase our investment in them. 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. Consumers and businesses will benefit from new products and services as well as from increased investment and innovation," said BT Chief Executive Gavin Patterson. "The deal provides an attractive opportunity for BT to generate considerable value for shareholders, with significant operating and capital investment efficiencies supported by our tried and tested cost transformation activities. The enlarged BT will offer significant opportunities for employees as we lead the creation of a world-class digital infrastructure for Britain."
Source:
BT