LONDON (Alliance News) - BT Group PLC said Monday it has made its formal submission to the UK's Competition and Markets Authority for approval of its GBP12.5 billion deal to acquire EE Ltd, arguing that the acquisition will be good for competition, investment and innovation in the UK.
BT is arguing that the buy will not reduce competition, but will in fact enhance it, and that the ability of its landline and mobile rivals to compete with its Openreach network will be unaffected.
BT has asked the CMA to proceed directly into a Phase 2 investigation of the proposed acquisition. It is expected to confirm in about three weeks whether or not it will move directly to a Phase 2.
BT expects the deal to be completed by the end of March next year.
Shares in BT are trading down 0.4% at 461.25 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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BT (BT.A)