12/15/2014 5:28:32 PM
BT choose EE
BT announced today it has entered into an exclusivity agreement with Deutsche Telekom and Orange in relation to BT’s possible acquisition of EE.
The period of exclusivity will last several weeks allowing BT to complete its due diligence and for negotiations on a definitive agreement to be reached.
Explaining the decision to choose EE instead of O2, BT said the proposed acquisition would enable BT to accelerate its existing mobility strategy whereby customers will benefit from innovative, seamless services combining the power of fibre broadband, Wi-Fi and 4G.
The brand said 4G was a major reason behind the decision as BT would own the UK's most advanced 4G network, giving it greater control in terms of future investment and product innovation.
While continuing these exclusive discussions, BT will progress its own plans for providing enhanced fixed-mobile converged services for businesses and consumers, in line with previous announcements. It remains confident of delivering on these plans should a transaction not take place.
The exclusivity agreement does not require the parties to enter into a transaction and there can be no assurances that one will occur. If a transaction is agreed, approval by BT’s shareholders will be required as a condition of the purchase.
BT’s favoring of EE comes as a surprise following previous reports hinting O2 were the more likely partner