Shearman & Sterling advised Orange on the £486 million 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”). The settlement of the Share Placement took place on July 2, 2019.
BT Group plc participated in the Share Placement with an £80 million irreducible order at the placement price. Of the total sold shares, around 41 million shares have been acquired by BT Group plc.
Following the Share Placement, Orange will no longer be a 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 proceeds of the Share Placement will be used for the general corporate purposes of Orange.
Citigroup Global Markets Limited acted as sole bookrunner for the Share Placement.
Shearman & Sterling previously advised Orange in June 2017 on the £383 million sale of approximately 133 million shares in BT and the issuance of bonds exchangeable into BT shares for approximately £520 million.