12th Feb 2015 14:45
LONDON (Alliance News) - BT Group PLC Thursday placed 222.0 million shares at a price of 455 pence each to raise GBP1.0 billion, which it will use to part fund its acquisition of mobile provider EE Ltd.
Shares in BT are trading down 1.3% at 453.96 pence Thursday afternoon.
BT announced last Thursday that it has agreed to buy EE from its joint owners Deutsche Telekom AG and Orange SA for GBP12.5 billion in cash and shares. It also will issue BT shares to EE's two current owners, giving Deutsche Telekom a 12% stake and Orange a 4% stake.
BT said Thursday that the shares issued in the placing will represent around 3% of its outstanding share capital. The placing was conducted through an accelerated bookbuild conducted by JP Morgan Securities PLC, Merrill Lynch International and Goldman Sachs.
BT noted that, if the acquisition does not go through, the proceeds from the placing will be retained by BT for general corporate purposes.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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