British Telecom in Talks to Reacquire O2 – Also looking at EE Too

Posted by at 12:16 pm on November 24, 2014

British TelecomBritish Telecom (BT) may reacquire O2, a mobile phone network the company originally created, according to reports. BT is said to be in talks with two carriers about a possible acquisition, and while one is the Telefonica-owned O2, the other potential target is EE, the carrier offering services from both Orange and T-Mobile in the United Kingdom alongside its own LTE coverage.

A report from Spanish paper El Confidencial claims that the talks between BT and Telefonica could see BT paying a hefty price for O2. In exchange for the carrier, the current discussions suggest that BT may have to give up 20 percent of itself up to pay for the acquisition, which the Telegraph believes values the potential purchase at around £10 billion ($15.7 billion). Though the talks are apparently ongoing, executives on BT’s side are apparently holding back from proceeding too far forward on the deal because of the possibility of acquiring EE.

“We have received expressions of interest from shareholders in two UK mobile network operators, of which one is O2, about a possible transaction in which BT would acquire their UK mobile business,” reads a statement from BT. “All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur. A further announcement will be made if and when appropriate.”

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