February 12, 2015 / 7:11 AM / 3 years ago

BT launches 1 billion pound placing to fund EE deal

LONDON, Feb 12 (Reuters) - BT kicked off its 1 billion pound placing on Thursday, saying it would launch an underwritten accelerated bookbuilding process immediately to fund its 12.5 billion pound ($19 billion) acquisition of mobile operator EE.

BT had already announced plans to raise the funds when it confirmed the details of the acquisition last week.

BT said the 1 billion pound placing would represent around 3 percent of BT’s outstanding share capital, through the issuance of new ordinary shares.

“The placing is not conditional upon completion of the acquisition and if the acquisition does not complete, the placing proceeds will be retained by the company and used for general corporate purposes,” it said. ($1 = 0.6566 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)

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