EE has been 100% owned by BT GROUP since January 2016.

At what enterprise value was EE acquired in 2016?

During the acquisition of EE by BT GROUP in 2016, the transaction's Enterprise Value is estimated to be in the range of 3b - 100b GBP.

What was the EV/EBITDA of EE when it was acquired by BT GROUP?

The estimated EV/EBITDA multiple for EE is in the range of 5x - 12x.

When was EE acquired by BT GROUP?

EE was acquired by BT GROUP in 2016.

What was the revenue of EE at the time of the deal?

The revenue of EE at the time of the deal is estimated to be in the range of 5b - 100b GBP.

What was the EBITDA of EE during the acquisition?

EE's EBITDA is estimated to be in the range of 1b - 3b GBP.

How is the data for the EE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the EE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.reuters.com/article/world/uk/bt-completes-ee-takeover-leaving-openreach-as-the-final-hurdle-idUSKCN0V70ES/

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 15.1x.

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Home Database TMT (Tech, Media, Telecom)EE

01/2016

EE acquired by BT GROUP

UNITED KINGDOM Telecom / Operators EV 3b - 100b GBP

Context

BT Group has completed the 100% equity acquisition of EE from its joint venture parents Deutsche Telekom and Orange. The combination unites the country's largest fixed-line network with the leading mobile operator to assemble a single integrated telecommunications provider. This consolidation is driven by rapid market transition toward single-invoice quad-play service bundles that combine broadband, TV, fixed telephony, and mobile data. Capturing EE allows the acquirer to safeguard its premium customer base against alternative cable and media challengers offering aggregated connectivity services. The transaction structure includes an equity swap component, resulting in Deutsche Telekom and Orange becoming significant institutional shareholders in BT Group with stakes of 12% and 4% respectively. Final clearance was granted by the Competition and Markets Authority, which concluded that the minimal horizontal overlap between separate fixed and mobile operations would not impair market competition.

EE, which reported an EBITDA margin of in 2015, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

EE, based in the United Kingdom, operates as a mobile network provider delivering wireless voice and data telecommunications services to retail and corporate end-users. The company builds and manages nationwide cellular radio tower infrastructure alongside a retail footprint of more than 500 physical storefronts. Revenue generation is sustained by monthly subscription fees collected from a captive base of 27 million mobile clients. This commercial mechanism relies on multi-year contracts that bundle cellular connectivity with smartphone financing plans. Customer lock-in is enforced by significant switching costs arising from data migration friction and cumulative device loyalty incentives.

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REFERENCES

Valuation range: EV 3b - 100b GBP

Revenue range: 5b - 100b GBP

EBITDA range: 1b - 3b GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of EE by BT GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: ee

Acquirer: bt group