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UK's EE Heading for $16 Billion Stock Market Listing
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UK based mobile network, EE -- the joint venture between France Telecom and Deutsche Telekom -- is reported to be close to agreeing a stock market floatation that would see the company valued at around £10 billion (US$15.7 billion).
Citing industry and banking sources, the Sunday Times newspaper said that both shareholders are likely to earn £1 billion (US$1.57 billion) each from a combined sale of 25 percent of the company.
The sale is not however expected to take place until September.
Talk of a stock market listing for the mobile network has been speculated ever since the joint venture was formed back in 2010.
France Telecom's Chief Financial Officer, Gervais Pellissier had previously said that the company would consider floating a stake in the joint venture if the opportunity presented itself. Deutsche Telekom was also rumoured to be mulling a sale earlier last year, although that was said to be at a very early stage.
It has also been generally accepted that EE has been keen to gain its independence from its 50:50 shareholders and has previously raised independent debt to repay part of its US$2 billion worth of shareholder loans.
There were rumours earlier last year that EE's former CEO, Tom Alexander had spoken to a number of private equity groups, including KKR, about a US$13-$16 billion buyout, but was unable to develop the talks.
On the web: Sunday Times
Tags: [france telecom] [ee] [deutsche telekom] [UK]
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