BT raises £1bn for EE takeover

If the takeover is completed, BT will be able to offer mobile phone services alongside its existing landline, TV and internet products

BT has raised £1 billion from investors to help fund its £12.5 billion takeover of EE.

The telecoms giant, which emerged as a winner in the latest Premier League rights auction earlier this week, completed a placing of 222 million shares through a so-called accelerated bookbuilding process, led by JPMorgan, Merrill Lynch and Goldman Sachs.

If the takeover is completed, BT will be able to offer mobile phone services alongside its existing landline, TV and internet products.

EE has 24 million UK customers, the largest holding of spectrum used for mobile services, and the most developed 4G network in the country.

"The placing is not conditional upon completion of the acquisition and if the acquisition does not complete, the placing proceeds will be retained by the company and used for general corporate purposes," it said.

BT shares rose 3.5p to 463.4p, having hit a 14-year high yesterday as the City digested the latest live rights auction.

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