France Telecom sets price for Sprint FON stock
As part of France Telecom’s plan to reduce debt by selling non-strategic assets, the company announced yesterday that it has fixed the sale price for its shares of Sprint FON stock at $19 per share.
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In total, France Telecom owns a 9.9% stake in Sprint FON, and is selling 74.9 million shares. An additional 11.4 million shares of stock will be sold if demand warrants. The combined shares, if sold, could generate $1.6 billion in revenue.
Sprint stock is currently priced at $20.20 per share.
Potential buyers would not be named, according to a France Telecom spokeswoman, but road shows, which started on May 17 when the company announced the commencement of a secondary public offering, have been taking place in Europe and the United States.
France Telecom has had a stake in Sprint since January 1996 when Global One was formed in conjunction with Deutsche Telekom.
France Telecom first announced the sale of the Sprint stock in October 1999. Goldman, Sachs & Co., Morgan Stanley and UBS Warburg are the underwriters for the offering.
Previously, Deutsche Telekom commenced a public offering for the sale of its 9.9% stake in Sprint FON on May 17.
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© 2012 Penton Media Inc.
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