Deutsche Telekom and France Telecom announce completion of UK merger
Further to announcements of 8th September 2009, and to the obtaining of all necessary approvals, Deutsche Telekom and France Telecom today announced the successful completion of the UK merger transaction and the formation of the new Joint Venture. The JV will be accounted for using the equity method as of April 2010 for both Deutsche Telekom and France Telecom.
Tom Alexander, former CEO of Orange UK, is the Chief Executive of the new Joint Venture, and Richard Moat, the former CEO of T-Mobile UK, is Chief Financial Officer and Deputy CEO. A Board of Directors has also been formed, on which Tom Alexander and Richard Moat will serve as executive directors. Tim Höttges, CFO of Deutsche Telekom, will lead the board as non-executive chairman for two years. After this time, the leadership will rotate to Gervais Pellissier, Deputy CEO and CFO of France Telecom, for two years.
Also joining the six-person Board as non-executive directors are Philipp Humm, Chief Regional Officer Europe for Deutsche Telekom and Olaf Swantee, Executive Vice President Europe at France Telecom.
About EEEE is the most advanced digital communications company in Britain, providing mobile and fixed line services to 27 million customers, and will soon become the first company in the UK to provide 4G mobile services alongside fixed-line fibre.EE is the company that runs the Orange and T-Mobile brands in the UK, and will be launching its new superfast 4G brand – EE – in the coming weeks.Its 4G service will cover a third of the population by the end of 2012 and its fibre service will cover 50% of the population by the end of the year.EE's mobile service currently provides coverage to 99% of the population with 2G and 98% of the population with 3G