France’s Orange Group has announced that it has sold its residual stake in the UK’s fixed line incumbent, BT Group. With Orange having held 248 million shares, or around 2.5% of BT Group’s stock, it announced yesterday (27 June) that it was offering the shares through a private placement by way of an accelerated book building offering. Further, it confirmed that BT Group was itself participating in the share placement, with a GBP80 million (USD101 million) irreducible order at the placement price. Aside from BT’s involvement, Orange Group noted that the share placement was targeted at eligible institutional and qualified investors.
Now, in confirming that it has sold its residual stake for a net amount of GBP486 million, Orange Group revealed that BT Group had acquired around 41 million shares, while noting it expects the transaction to settle on 2 July. Previously the French outfit had said it plans to use the proceeds from the stake sale for ‘general corporate purposes’.