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British Telecom has confirmed it has "entered into an exclusivity agreement with Deutsche Telekom and Orange" which could lead to BT acquiring the wireless carrier EE for about £12.5 billion. This means that the UK's largest land line and broadband company could buy the country's biggest mobile phone carrier.

BT states:

The proposed acquisition would enable BT to accelerate its existing mobility strategy whereby customers will benefit from innovative, seamless services that combine the power of fibre broadband, wi-fi and 4G. BT would own the UK's most advanced 4G network, giving it greater control in terms of future investment and product innovation.

BT previously said it was thinking about buying either EE or rival O2. This deal is far from final; BT says it will spend "several weeks" to complete its due diligence and talks with Deutsche Telekom and Orange, and it's possible that BT could decide to scrap any acquisition plans for EE.

Source: BT