BT Group shareholder sells £167 million in shares

en.Wedoany.com Reported - Shares worth £167 million ($224.08 million) in BT Group, the UK's largest telecommunications company, were sold on Monday via an accelerated bookbuild offering, a bookrunner said.

The sale was initiated by an unnamed shareholder, involving approximately 85 million shares. The shareholder is monetizing most of its stake, with the remaining shares not subject to any lock-up period. This transaction is a secondary offering, meaning no new shares will be issued, and BT Group will not receive any proceeds from it. Settlement is expected to take place on July 23.

Late last month, BT Group and Verizon announced an agreement to merge their international enterprise businesses into a 50-50 joint venture. The joint venture focuses on serving multinational clients, with combined annual revenue of up to $4 billion.

According to the bookrunner, the shares sold account for approximately 1% of BT Group's total share capital. Based on data from the London Stock Exchange Group (LSEG), the group's current market capitalization is £19.76 billion.

On the day of the transaction announcement, BT Group's share price closed down 0.6%. The stock has risen 6.9% year-to-date.