Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
BT on Monday announced it has entered exclusive talks to acquire EE in a cash and stock deal worth £12.5 billion, dealing a blow to O2 UK parent Telefonica.
The proposed transaction will see EE parents Deutsche Telekom and Orange acquire stakes in BT of 12% and 4% respectively. Orange will receive a higher proportion of cash to maintain an equal split of the net proceeds from the sale.
“The proposed acquisition would enable BT to accelerate its existing mobility strategy whereby customers will benefit from innovative, seamless services that combine the power of fibre broadband, WiFi and 4G,” said BT, in a statement.
As of 30 September, EE had 24.5 million mobile customers; more than 6 million are 4G customers.
“We firmly believe that convergence is the future of telecommunications in Europe. Customers want fixed-mobile converged services from a single provider,” said EE chairman and Deutsche Telekom CFO Thomas Dannenfeldt, in a statement. “The proposed transaction with BT offers the chance to further develop our superbly positioned mobile business engagement in the U.K. and to take part in the outstanding opportunities of an integrated business model.” Original post at Total Telecom