PE houses circle Everything Everywhere
Private equity firms including Apax and KKR are in discussions to bid for UK mobile operator Everything Everywhere in a deal that could exceed €8bn, according to reports.
Tom Alexander, former chief executive of Everything Everywhere and founder of Virgin Mobile, is leading discussions with private equity bidders, which are believed to have been underway since February.
The company is thought to be seeking capital as a result of shifts in the telecoms industry, including the decline of traditional revenues and high capital requirements to support next-generation networks. The firm is also to bid for spectrum in the upcoming 4G auction.
Everything Everywhere is a joint venture held by T-Mobile and Orange, following a merger in 2010. The company is set to modernise its high-street presence and has announced plans to sell T-Mobile and Orange products across all its stores.
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