Arab Today, arab today bt takeover of ee given green light by uk regulator
Last Updated : GMT 17:05:15
Arab Today, arab today
Arab Today, arab today

BT takeover of EE given green light by UK regulator

Arab Today, arab today

Arab Today, arab today BT takeover of EE given green light by UK regulator

The Competition and Markets Authority (CMA)
London - AFP

British telecoms and broadcasting firm BT's purchase of mobile operator EE was given the green light on Friday by the nation's competition watchdog.

The Competition and Markets Authority (CMA) said in a statement that it has cleared the £12.5 billion ($18.0 billion, 16.5 billion euros) acquisition after a 10-month probe.

BT had agreed one year ago to buy Britain's biggest mobile phone network EE from its current owners Orange of France and Deutsche Telekom of Germany in a cash-and-shares deal.

There is little overlap of activities between EE, the UK's largest mobile telecoms business, and BT, the UK's largest fixed telecoms operator, the CMA ruled.

"The evidence does not show that this merger is likely to cause significant harm to competition or the interests of consumers," said John Wotton, who chaired the CMA inquiry.

The transaction will create the nation's leading communications provider in the latest consolidation in the fast-moving telecom sector and mark BT's return to the mobile phone market after a 12-year absence.

Upon completion of the deal later this month, Deutsche Telekom will receive 12 percent of BT shares, while Orange will gain four percent in BT shares and £3.4 billion in cash.

 

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Arab Today, arab today bt takeover of ee given green light by uk regulator Arab Today, arab today bt takeover of ee given green light by uk regulator

 



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