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BT to buy mobile firm EE

BT has bought the mobile operator EE

Telecoms group BT has bought the mobile operator EE for 12.5bn.

The takeover creates a communications giant covering fixed-line phones, broadband, mobile and TV. Existing EE shareholders Orange and Deutsche Telekom will sell 100% of their shares.

Deutsche Telecom will hold 12% in the new combined business and have a seat on the board.

Orange will receive a 4% stake, as well as about 3.4bn in cash.

BT says it plans to raise 1bn through a placing of new shares to fund the deal.

It said in a statement: "The combination of EE and BT will provide customers with innovative, seamless services that combine the power of fibre broadband with wi-fi and advanced mobile capabilities.

Savings and revenues

EE leads the market in 4G, the fastest mobile bandwidth. It said on Thursday said its 4G customer base had risen to 7.7 million subscribers.

BT says that within four years, the deal will be saving it 360m a year in terms of operating costs and capital investment.

It added that by combining the two businesses, it should be able to generate an extra 1.6bn a year in sales.

BT chief executive Gavin Patterson said: "This is a major milestone for BT as it will allow us to accelerate our mobility plans and increase our investment in them."

He said the money being spent on the deal did not affect its plans ahead of the multi-billion pound Premier League rights auction, where it is in tough competition with rival Sky.

BT shares rose more than 2.5% on the London market, making the firm the top gainer on the FTSE 100 index.

Consolidation

The mobile phone market is expected to consolidate further. Hutchison Whampoa, which owns rival Three, is said to be in talks to buy O2.

There has been speculation that Virgin may tie up with Vodafone.

And Sky has also announced the launch of its own mobile service, through a deal with O2's network.

The BT-EE deal is expected to be finalised by March next year, subject to approval by shareholders of BT and scrutiny from the Competition and Markets Authority.

And do not forget that you can KEEP your existing mobile phone number if you decide to switch mobile phone operators. All you need is your PAC code. Use our handy tool on PACcodes.co.uk to obtain your PAC code.

 

 

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What is a PAC code?

A porting authorisation code, or PAC code, allows you to transfer your existing mobile phone number from to another mobile phone provider so that if you change mobile phone networks you do not have to give everyone a new number... You can keep your existing mobile phone number. The process is termed mobile number portability, or number porting. It's quick, FREE and very easy to do - follow the instructions here for full details on how to port your mobile phone number to a new network provider.

NOTE: You can purchase your new phone contract and then obtain your PAC code. It is not essential to have your PAC code prior to purchasing your new phone. However, you will need your PAC code if you want to keep your existing phone number (i.e. transfer your current number to your new provider). Use our handy tool above to obtain your PAC code.

PAC codes are FREE.

To keep your mobile phone number when switching to another mobile phone network, use our handy tool to obtain your PAC code. Just select your current and new phone provider click OK and you'll receive full instructions for obtaining your PAC code.