BT have confirmed that a deal has been agreed for the purchase of mobile phone network EE.
The company will pay EE owners Deutsche Telekom and Orange £12.5 billion, with Deutsche is return being given a 12% stake in BT and EE getting 4%. Deutsche Telekom will also get the entitlement to appoint one non-executive member of the BT Board of Directors.
The agreement will enable BT to offer television, landline telephone, broadband and now mobile telephone services to customers. EE are currently the largest mobile and 4G network in the UK, with 24.5 million customers and 33.8% of the mobile market.
BT have released a statement on the deal, saying;
“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.”
The deal should be completed by March 2016, subject to approval by BT shareholders.