British telecommunications services company BT Group PLC said Monday it will repurchase up to 200 million pounds ($255.46 million) worth of shares from French telecommunications company Orange.
Orange intends to offer around 133 million shares in BT to investors via an accelerated book build offering.
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BT said it will participate in the offering and will repurchase GBP125 million shares. Separately, it intends to fund the repurchase of GBP75 million shares by the trustee of the company's employee share ownership trust.
Shares BT on Monday closed at 290 pence each.
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(END) Dow Jones Newswires
June 19, 2017 13:09 ET (17:09 GMT)