(Alliance News) - Telecommunications firm BT Group PLC said Thursday that French peer Orange SA intends to offer up to 248 million shares in BT to investors through an accelerated bookbuild offering.
The offering represents around 2.5% of BT's issued share capital, and following the offering, Orange will no longer be a shareholder.
BT itself said it is committed to repurchase shares up to a total value of GBP80 million.
The final number of shares to be sold, as well as the price per share, will be determined by Orange at the conclusion of the bookbuilding process. The repurchase is expected to be settled on Tuesday next week.
Shares in BT closed 0.8% higher at 198.74 pence on Thursday.
BT (BT.A)