Everything Everywhere close to appointing banks for IPO
04 February 2013 |
The owners of UK mobile operator Everything Everywhere are reportedly close to appointing banks to advise on an IPO.
Industry and banking sources told the Sunday Times that France Telecom and Deutsche Telekom were weeks away from appointing advisors for an IPO.
Morgan Stanley is expected to be lead underwriter and JP and Barclays are also expected to take prominent roles.
The listing will see both carriers sell 25% of the venture for more than £1 billion each in a London listing that could take place before the final quarter of 2013, according to the publication.
A Deutsche Telekom spokesperson declined to comment on the report but told Reuters: "DT and FT are very confident in the management strategy which aims to strengthen EE's leading position in the UK, leverage on the largest 3G network and first 4G network roll-out, further progress the integration of T-Mobile and Orange and increase the profitability of this business in the coming years,"
"In that respect DT and FT have decided to conduct a strategic review on the asset and consider different options with an IPO as the preferred option."
After a rocky start Everything Everywhere has achieved some of the efficiencies earmarked when the merger of Orange UK and T-Mobile UK was first announced.
The operator also scored a major coup when it was allowed to launch 4G LTE services in the third quarter of last year, several months ahead of the competition.