UK mobile operator Everything Everywhere is set to appoint two banks in the coming weeks to oversee what would be its first fundraising independent of its JV owners, a person with knowledge of the situation said, confirming an earlier media report.
The…
UK mobile operator Everything Everywhere is set to appoint two banks in the coming weeks to oversee what would be its first fundraising independent of its JV owners, a person with knowledge of the situation said, confirming an earlier media report.
The person said that the move has been under consideration by EE for a while, and first steps in that direction were already undertaken under previous CFO Richard Moat, who recently left the company.
EE, which is jointly owned by France Telecom and Deutsche Telecom, is likely to raise debt through a bond issue, reported the Financial Times today.
The proceeds of which could be used to finance its bid in the UK’s 4G spectrum auction next year, added the report, which suggested it could cost as much as £800m to acquire frequencies needed to provide 4G services.
EE declined to comment on the speculation, but new CEO Olaf Swantee was also quoted saying the group was considering various external options.
Swantee, who was appointed to the role on 1 September, reportedly stressed the need to keep EE independent of its parent groups, while continuing to operate their two brands in the UK: FT’s Orange and DT’s T-Mobile.
FT and DT completed the merger of their UK assets last year in a £5.125bn deal carried out by Perella Weinberg, BoA Merrill Lynch and JPMorgan.
