Telecoms group BT has bought the mobile operator EE for £12.5bn. The takeover creates a communications giant covering fixed-line phones, broadband, mobile and TV. Existing EE shareholders Orange and Deutsche Telekom will sell 100% of their shares. Deutsche Telecom will hold 12% in the new combined business and have a seat on the board. Orange will receive a 4% stake, as well as about £3.4bn in cash. BT says it plans to raise £1bn through a placing of new shares to fund the deal.

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