BT launches £1 billion placing to fund EE deal
12 February 2015 |
BT plans to raise £1 billion through a new share placing to fund its £12.5 billion acquisition of EE.
The £1 billion placing represents approximately 3% of BT’s outstanding share capital, through the issuance of new ordinary shares at five pence each.
The new shares will be listed through an accelerated book building process, led by JP Morgan.
Earlier this month, BT agreed to acquire EE after negotiations with its owners, Deutsche Telekom and Orange.
JP Morgan, Goldman Sachs and Bank of America Merrill Lynch will act as joint bookrunners. JP Morgan and Bank of America Merrill Lynch will serve as joint corporate brokers, and JP Morgan as sole global coordinator.
The shares are expected to be placed February 17.