The Competition and Markets Authority (CMA) approves sale of EE by Orange and Deutsche Telekom
Paris, Friday, January 15, 2016
The British Competition and Markets Authority (CMA) announced today that it has given its approval for Orange and Deutsche Telekom to sell 100% of their shares in EE to BT, with no conditions attached.
The combination of BT and EE will create the UK’s leading integrated communications provider, offering customers innovative, seamless services that combine the power of fibre broadband, with Wi-Fi and advanced mobile capabilities. As a result of the transaction, and following the issue of new BT shares to Orange and Deutsche Telekom, Orange would receive approximately £3.4bn (€4.5bn) in cash and a 4% stake in the combined BT/EE entity. The final amount of cash received by Orange will be subject to customary adjustments at the time of closing, now expected around end of January 2016.
Stéphane Richard, Orange Group Chairman and CEO, said:
“The approval of this operation is an important milestone in the Orange Group’s history. Part of our DNA was forged in the UK and we are very proud of what we have achieved over the past 15 years through Orange and then EE. The combination with BT is a very positive step forward for UK consumers who are set to benefit from convergent fixed-mobile services. We are very happy with today’s decision, which provides an important signal for telecoms operators across Europe that the sector is ready for fixed-mobile consolidation.”
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