Marc Allera will become EE CEO following completion of the deal
Today BT has welcomed the Competition and Markets Authority’s (CMA) decision to approve its acquisition of EE, unconditionally and without remedies.
The CMA’s decision paves the way for BT to complete the acquisition of EE in coming weeks and to incorporate the business into the wider BT Group.
There will be a distinct EE line of business following completion of the acquisition. This will be led by EE’s current chief commercial officer, Marc Allera, who will become EE CEO following completion of the deal.
BT chief executive, Gavin Patterson, said: “It is great news that the CMA has approved our acquisition of EE. We are pleased they have found there to be no significant lessening of competition following an in-depth investigation lasting more than ten months.
“The combined BT and EE will be a digital champion for the UK, providing high levels of investment and driving innovation in a highly competitive market. I have no doubt that consumers, businesses and communities will benefit as we combine the power of fibre broadband with the convenience of leading edge mobile services. I look forward to welcoming EE into the BT family”.
Following today’s approval BT will commence the formal process of completing the deal. A prospectus will be issued in the week commencing 25 January with the deal set to close on 29 January, when Deutsche Telekom and Orange will receive shares in BT.
Following completion of the deal Deutsche Telekom will have 12% of BT shares and Orange will have 4%. A representative of Deutsche Telekom will be appointed to the BT Board in due course.