PARIS, June 28 (Reuters) - French telecom giant Orange said on Friday that it had sold its 2.5% stake in its British peer BT for 486 million pounds ($615.71 million) through a private placement.
The former French telecom monopoly had offered the 248 million shares it still held in BT to eligible and qualified investors.
BT itself bought 41 million shares in the operation.
Orange gained the stake when BT bought mobile operator EE, which was a joint venture between the French company and Germany’s Deutsche Telekom, in 2016.
The stake sale comes as BT undergoes a major restructuring under new chief Philip Jansen.
$1 = 0.7893 pounds Reporting by Inti Landauro; Editing by Sudip Kar-Gupta