TELECOMS company BT says it has raised £1bn as it looks to support a £12bn takeover.

The firm says it reached the target by issuing 222 million new shares with institutional investors, as it finalises a deal for network operator EE.

BT has agreed terms to buy EE as it pushes on with plans to become the UK’s leading communications organisation.

EE is Darlington’s largest private employer with about 2,000 call centre workers, and the company has hundreds more staff at sites in Doxford, Sunderland, and Cobalt Business Park, near Newcastle.

The approach from BT, which was first announced last year, has raised worries over the futures of EE’s North-East staff, with Darlington MP Jenny Chapman telling The Northern Echo she will seek talks with bosses for assurances.

However, The Communication Workers Union (CWU) says it expects BT’s bid for EE to preserve posts, highlighting its history of keeping jobs in the UK.

Referring to the shares offer, a BT statement said: “The net proceeds of the proposed placing are to be used to fund part of the acquisition.

“However, it is not conditional upon completion of the acquisition, and if the deal isn’t completed, the proceeds will be retained for other purposes.”

BT’s move for EE will put it as one of the top ten largest firms in the North-East, giving it an 8,800-strong workforce.

It says it will also extend the firm’s opportunities to offer fixed-lines phones, mobiles and TV, which will be supplemented by instant internet access from EE’s 4G network.

The Northern Echo understands no roles will be immediately affected at EE in the agreement, with bosses expecting it to continue in its current guise throughout 2015 as the deal is finalised.

However, BT has said it is too early to confirm what, if any, changes to posts could be made.