Orange announces the launch of the sale of its residual stake in BT Group plc of approximately 248 million shares, representing around 2.5% of the share capital, through a private placement by way of an accelerated book building offering (the “Share Placement”).
BT Group plc will participate in the Share Placement with a GBP 80 million irreducible order at the placement price.
Following the Share Placement, Orange will no longer be shareholder of BT Group plc and will no longer have any exposure to the shares of BT Group plc, having recently fully hedged its exchangeable bonds into BT Group plc shares issued in June 2017.
The Share Placement is targeted at eligible institutional and qualified investors. The final terms of the Share Placement will be determined by Orange at the conclusion of the book building process and will be announced in a separate press release. The transaction is expected to settle on 2 July 2019. There will be no public offering in any country. The proceeds of the Share Placement will be used for the general corporate purposes of Orange.
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