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Introduction Tim O'Sullivan

BT agrees terms to acquire EE

Mobility

BT has agreed definitive terms to acquire mobile business EE for £12.5bn. BT has been planning to re-enter the mobile market and this proposed deal will allow us to accelerate our plans. EE’s leading 4G network will dovetail with that of our own and consumers and businesses will benefit from new products and services as BT leads the creation of a new world-class digital infrastructure.

EE is the leading mobile network operator in the UK with 31m customers, of which 24.5m are direct mobile customers and 834,000 are fixed broadband customers. It has the largest 4G customer base of any operator in Europe. By combining the UK's most advanced 4G network and most extensive superfast broadband network, BT will have greater scope for future investment and product innovation.

BT will provide a full range of communications services to the combined customer base. This includes BT selling its broadband, fixed telephony and pay-TV services to EE customers who do not currently take a service from BT. BT also expects to accelerate the sale of converged fixed-mobile services to BT’s existing consumer and business customers and offer new services, using both companies’ product portfolios, skills and networks.

The transaction is subject to approval by the shareholders of BT and merger clearance, in particular from the UK Competition and Markets Authority. It is expected to complete before the end of BT’s 2015/16 financial year



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