Orange to sell off remaining BT shares

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Orange plans to sell its remaining stake in BT, meaning it will no longer be a shareholder.

The French telco will sell its 2.5% stake in BT, valued at over $600 million (€527 million).

BT says it will repurchase up to £80 million (€89.1 million) of the shares offered by Orange.

Orange acquired its stake when BT bought mobile operator EE  in 2016. EE was originally set up as a joint venture between Orange Group and Deutsche Telekom.

The transaction is expected to be settled by July 2. The sale will take place  through an accelerated book building offering and there will be no public offering in any country.

Orange says it will use the proceeds of the share sales for “general corporate purposes”. The French spectrum auction is expected to take place this autumn.