Marconi to shed Easynet shares

7 Jul 2003

UK equipment manufacturer Marconi [MONI.L] has said it plans to sell most of its shares in internet and telecoms company Easynet [ESY.L]. The placing is expected to be completed in the course of today and raise in the region of GBP40 million for Marconi, which will see its stake fall from 72% to 40%. At the height of its financial troubles following the telecoms downturn Marconi had debts totalling GBP3.8 billion. It has since undertaken a number of debt for equity swaps with its creditors to reduce this figure to around GBP800 million. Easynet’s shares opened at GBP1.16 on the London stock exchange this morning, double last September’s all-time low of GBP0.58.

United Kingdom