Stock market filing confirms BT acquisition, as shares and capital in incumbent transferred to EE’s former owners Orange and Deutsche Telekom
BT has completed its £12.5 billion takeover of EE, creating the biggest telecoms provider in the UK.
The acquisition was given final approval by the Competitions and Markets Authority (CMA) earlier this month (January 15). In a filing to the stock market, BT confirmed it has transferred shares over to EE’s former owners Orange and Deutsche Telekom.
In return for their stakes in the mobile operator, Deutsche Telekom and Orange received £3.46 billion in cash and holdings equating to 12 per cent and 4 per cent respectively of BT’s share capital.
DT is now BT’s biggest single shareholder, with CEO Tim Hoettges taking up a place on BT’s board.
“BT announces that completion of its acquisition of EE Limited took place today,” said BT, in a stock exchange filing.
With the acquisition complete, BT has now became the UK’s biggest mobile provider with 26 million customers. It is already the country’s biggest fixed line and broadband operator.
The CMA gave provisional clearance of the takeover in November but BT’s rivals slammed the decision, claiming it would become too dominant across the market.
EE CEO Olaf Swantee is set to step down following the deal’s completion. Current chief marketing officer Mark Allera will take his place.