Timotheus Höttges, CEO of Deutsche Telekom, is to join the board of UK incumbent BT following completion of its £12.5bn acquisition of EE, expected on 29 January.
Timotheus Höttges, CEO of Deutsche Telekom (ETR:DT), is to join the board of UK incumbent BT (LSE:BT) following completion of its £12.5bn acquisition of EE, expected on 29 January.
The German incumbent, a 50% shareholder in the UK mobile operator, will in return receive a 12% stake in the combined group as well as the board seat.
Orange (EPA:ORA), EE’s other shareholder, will receive a 4% stake in the enlarged company, plus £3.4bn (US$6.4bn) in cash.
BT today published a prospectus outlining its financials as well as those of EE.
Working with BT on the new share issue are JP Morgan as sponsor and Freshfields as legal adviser. Simmons & Simmons is advising the sponsor.