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France Telecom, Deutsche Telekom complete UK merger
|06 апреля 2010|
France Telecom and Deutsche Telekom have completed their U.K. mobile merger. The French and German incumbents will account for the new joint venture under the equity method as of April.
The pair agreed to blend their U.K. mobile operations in September in a bid to get ahead in this ultra-competitive market.
The deal went through a number of regulatory approval processes, getting the final go-ahead, from the European Commission, a month ago. The Commission gave the green light on condition that the merged entity divest spectrum in the 1,800-MHz band.
The new entity is yet to be named. When the merger was announced the companies said they will operate under separate brands for 18 months following completion of the deal, during which time a decision will be made on branding.
In announcement the telcos reiterated that former Orange UK chief executive Tom Alexander will become CEO of the joint venture, while former T-Mobile UK CEO Richard Moat takes on the role of chief financial officer and deputy CEO; both will also serve on the new company's board of directors. The board will be headed by non-executive chairman Tim Hottges, who is also CEO of Deutsche Telekom. Following a two-year tenure, the chair will pass to Gervais Pellissier, deputy CEO and CFO of France Telecom, for the next two years.
Deutsche Telekom's Philipp Humm and Olaf Swantee of Orange will also sit on the board.
Источник: Total Telecom