France Telecom (FT) has played down the prospect of a takeover of its 50/50 mobile JV Everything Everywhere, in response to speculation of an £8bn takeover approach.
Reports over the weekend suggest former EE CEO Tom Alexander received the backing of…
France Telecom (FT) has played down the prospect of a takeover of its 50/50 mobile JV Everything Everywhere, in response to speculation of an £8bn takeover approach.
Reports over the weekend suggest former EE CEO Tom Alexander received the backing of private equity firms KKR and Apax to acquire the unit, which FT shares with Deutsche Telekom.
An FT spokesman said on 18 June: “In relation to media speculation, FT clarifies that no offer from a third party to acquire the business in the UK has been received nor has one been invited. EE is a strong business with a clear leadership position in the UK market and its shareholders are 100% supportive of the group, its management and its strategy.”
EE was formed in 2010 when FT and DT combined their UK subsidiaries, Orange and T-Mobile, respectively.
Last week, FT CFO Gervais Pellissier was quoted saying the group could consider floating a stake in the group, as it begins to generate synergies from the merger. However, Pellissier also stressed that both FT and DT would seek to keep control of the group, according to reports.
Indeed, when asked about the recent takeover speculation, an EE spokesperson highlighted the commitments that have been made by its two current owners.
“We have a clearly articulated, five-year plan for growth under the ownership of our shareholders FT and DT, and we are delivering on that plan,” said the spokesperson.
“Our shareholders continue to invest in our business committing to £1.5bn in investment in our network over the next three years. We would not comment on any possible future shareholder structure of our business.”
DT declined to comment.
