By Jonathan Davies

BT has confirmed that it has entered 'exclusive' negotiations to buy EE for £12.5bn.

BT said it would only be talking to EE for "several weeks" in order to carry out the negotiations.

BT's ambitions to own a mobile network are far from a secret. And in November, it confirmed it was in talks to buy either EE or O2, which is owned by Spanish firm Telefonica.

"The proposed acquisition would enable BT to accelerate its existing mobility strategy," BT said in a statement.

A deal is far from complete, but it is understood that EE's owners, Deutsche Telekom and French firm Orange, would take a 12% and 4% stake in BT respectively.

EE is the UK's largest mobile network provider and provides the fastest 4G connections. BT believes that owning EE will allow it to provide seamless internet connections to its customers, wherever they are, through broadband, WiFi hotspots and mobile services.

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