BT To Commence Formal Process After CMA's Decision To Approve EE Acquisition

(RTTNews) - Communications services provider BT Group Plc (BT_A.L, BT) announced Friday that will it commence the formal process of completing the deal acquisition of EE after the Competition and Markets Authority's or CMA decided to approve its acquisition, unconditionally without remedies.

With this, BT could complete the acquisition of EE in the coming weeks and to incorporate the business into the wider BT Group in the months to come.

There will be a distinct EE line of business following completion of the acquisition. The business will be led by Marc Allera who will become EE CEO following completion of the deal.

The deal is set to close on January 29 when Deutsche Telekom and Orange will receive shares in BT. Following completion of the late deal Deutsche Telekom will have 12 percent of BT shares and Orange will have 4 percent. A representative of Deutsche Telekom will be appointed to the BT Board in due course.

BT will report its third-quarter results on February 1.