BT To Repurchase Up To GBP200.0 Million In Shares From Orange (ALLISS)

LONDON (Alliance News) - BT Group PLC said Monday it intends to repurchase up to GBP200.0 ...

Alliance News 19 June, 2017 | 5:47PM
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LONDON (Alliance News) - BT Group PLC said Monday it intends to repurchase up to GBP200.0 million worth of its own shares from French telecoms peer Orange SA, in the latter's secondary offering of BT shares.

Orange has announced it intends to sell approximately 133.0 million BT shares, or a 1.3% stake in the telecoms operator. The stake for sale is around a third of the 398.7 million shares that BT issued to Orange in part payment of its purchase of EE Ltd in January 2016.

Shares in BT closed down 0.5% at 289.70 pence Monday. This gives Orange's total sale of BT shares a value of around GBP385.3 million.

BT said its own share repurchase will be split between a maximum of GBP125.0 million on behalf of the company and GBP75.0 million from the trustee of its employee share ownership trust.

BT said the repurchase will allow it to satisfy its announced GBP100.0 million share buyback in its current financial year, offsetting the dilutive effect of employee share options, with additional shares bought to "take advantage of current market conditions and the opportunity to purchase a significant number of shares in a single transaction".

The offer price and final number of shares sold will be determined by Orange at the conclusion of its accelerated bookbuild.

By Adam Clark; adamclark@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
BT Group PLC 272.70 GBX 0.50
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