Category Archives: Business

BT Buy Mobile Company EE

BT have bought all EE shares currently held by Orange and Deutsche Telekom in £12bn deal.

This move has made BT an even bigger giant of communications covering phonelines, broadband, mobile and TV

Deutsche Telekom will receive 12% shares of the company and orange will receive 4% of shares and £3.4bn in cash.

The deal gives BT a lot more customers, adding to the 10 million it already had and now adding 24.5 million customers that EE has.

BT have plans to raise £1bn through a placing of new shares to help fund the deal.

In a statement BT said: “The combination of EE and BT will provide customers with innovative, seamless services that combine the power of fibre broadband with wi-fi and advanced mobile capabilities.

It is expected that in the next four years, the deal will be saving it £360m a year in operating costs and capital investment.

The BT-EE deal is expected to be finalised by March next year, subject to approval by shareholders of BT and from from the Competition and Markets Authority.

By Owen

Poundland set to cash in over 99p Stores

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In a £55 million deal Poundland is to buy out rival discounter 99p stores. Poundland has been on the British high streets for 25 years and now employs over ten thousand staff.

Both 99p Stores and Poundland have agreed to the deal but are waiting for confirmation from the Competition and Markets Authority whose job it is to prevent anti-competitive moves.

Founder of 99p Stores, Mr. Nadir Lalani will earn £47.5 million from the deal along with £7.5 million of newly expanded Poundland shares, already up 8% on news of the deal.

If the deal is approved Poundland will have more outlets than WHSmith, Lidl and Aldi.

By Magnus