BT has confirmed that it has purchased EE for £12.5bn. The takeover creates a communications giant covering fixed-line phones, broadband, mobile and TV. Existing EE shareholders Orange and Deutsche Telekom will sell 100% of their shares.
Deutsche Telecom will hold 12% in the new combined business and have a seat on the board. Orange will receive a 4% stake, as well as about £3.4bn in cash.