BT Group PLC Acquisition
January 15 2016 - 1:41AM
Dow Jones News
TIDMBT.A
RNS Number : 9860L
BT Group PLC
15 January 2016
January 15, 2016
BT WELCOMES CMA'S APPROVAL OF EE ACQUISITION
BT today welcomed the Competition and Markets Authority's (CMA)
decision to approve its acquisition of EE, unconditionally without
remedies.
The CMA's decision paves the way for BT to complete the
acquisition of EE in the coming weeks and to incorporate the
business into the wider BT Group in the months to come.
There will be a distinct EE line of business following
completion of the acquisition. This will be led by Marc Allera who
will become EE CEO following completion of the deal.
BT Chief Executive Gavin Patterson said: "It is great news that
the CMA has approved our acquisition of EE. We are pleased they
have found there to be no significant lessening of competition
following an in-depth investigation lasting more than ten
months.
"The combined BT and EE will be a digital champion for the UK,
providing high levels of investment and driving innovation in a
highly competitive market. I have no doubt that consumers,
businesses and communities will benefit as we combine the power of
fibre broadband with the convenience of leading edge mobile
services. I look forward to welcoming EE into the BT family".
Following today's approval BT will commence the formal process
of completing the deal. A prospectus will be issued in the week
commencing January 25 with the deal set to close on January 29 when
Deutsche Telekom and Orange will receive shares in BT. BT will
report its Q3 2015/16 results on February 1.
Following completion of the deal Deutsche Telekom will have
twelve per cent of BT shares and Orange will have four per cent. A
representative of Deutsche Telekom will be appointed to the BT
Board in due course.
For further information
Enquiries about this news release should be made to the BT Group
Newsroom on its 24-hour number: 020 7356 5369. From outside the UK
dial + 44 20 7356 5369. All news releases can be accessed at our
web site: http://www.btplc.com/News
About BT
BT's purpose is to use the power of communications to make a
better world. It is one of the world's leading providers of
communications services and solutions, serving customers in more
than 170 countries. Its principal activities include the provision
of networked IT services globally; local, national and
international telecommunications services to its customers for use
at home, at work and on the move; broadband, TV and internet
products and services; and converged fixed/mobile products and
services. BT consists principally of five customer-facing lines of
business: BT Global Services, BT Business, BT Consumer, BT
Wholesale and Openreach.
For the year ended 31 March 2015, BT Group's reported revenue
was GBP17,979m with reported profit before taxation of
GBP2,645m.
British Telecommunications plc (BT) is a wholly-owned subsidiary
of BT Group plc and encompasses virtually all businesses and assets
of the BT Group. BT Group plc is listed on stock exchanges in
London and New York.
For more information, visit www.btplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 15, 2016 02:26 ET (07:26 GMT)
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