An IPO of UK mobile operator EE would not take place before 2014 to give the group time to present full-year results, according to its joint owner Orange.
Gervais Pellissier, CFO of the French operator that shares EE with Germany’s Deutsche Telekom,…
An IPO of UK mobile operator EE would not take place before 2014 to give the group time to present full-year results, according to its joint owner Orange.
Gervais Pellissier, CFO of the French operator that shares EE with Germany’s Deutsche Telekom, said the parent companies aim to list 30% of the group but are in no rush.
EE yesterday posted adjusted H1 EBITDA up 9.1% on the year to £734m, giving it a record 22.9% margin.
CFO Neal Milsom said this was a “major milestone” for the company, representing its highest ever H1 EBITDA in both absolute terms and margin terms since the JV was created back in 2010.
The company added it was on track to grow its EBITDA margin to 25% by 2014, which it said will be the highest in the UK mobile market.
As it is boosted by its first mover advantage for 4G in the country, EE’s strong results will likely raise the price of any sale.
Orange is reported to have appointed Morgan Stanley and BofA Merrill Lynch for advice on the potential IPO, with Deutsche Telekom hiring JP Morgan.
