Orange launches the sale of its remaining stake in BT Group plc
Not for publication or distribution in the United States of America, Australia, Canada, Japan or Italy, or in any other jurisdiction in which offers or sales would be prohibited by applicable law.
This press release does not constitute or form a part of any offer to sell or subscribe nor a solicitation to buy or subscribe to any securities of BT or Orange, and the placement of the shares of BT does not constitute, in any circumstances, a public offering in any country, including France.
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.
Citigroup Global Markets Limited is acting as Sole Bookrunner for the Share Placement.
Orange is one of the world’s leading telecommunications operators with sales of 41 billion euros in 2018 and 148,000 employees worldwide at 30 September 2019, including 88,000 employees in France. The Group has a total customer base of 268 million customers worldwide at 30 September 2019, including 209 million mobile customers and 21million fixed broadband customers. The Group is present in 26 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. In December 2019, the Group presented its new "Engage 2025" strategic plan, which, guided by social and environmental accountability, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging professions.
Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).
Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited.