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UPDATE - BT raises £1bn through placing to fund EE deal

Last updated: 08:59 12 Feb 2015 EST, First published: 09:59 12 Feb 2015 EST

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BT (LON:BT.A) has raised £1bn through a share issue to help pay for the acquisition of mobile network EE.

The former state-owned telecoms firm placed new shares through a book build to institutional investors, with the price eventually set at 455p, a slight discount to the start of the day.

The tie-up with EE unites Britain’s largest supplier of fixed telephone lines with the UK’s dominant mobile phone network. It also puts BT on the path to become a quad-play operator - offering fixed line, broadband, TV and mobile services to its customers.

BT said this morning that the placing was not conditional upon completion of the £12.5bn acquisition and it will find other uses for the money if the EE deal gets knocked back by regulators or another reason.

Shares eased 2% to 451.6p.


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