BT made public its intention to sell its 17.8 per cent stake in Airtel in May, and this represents a return of more than five times BT’s original investment in the Spanish mobile operator.
BT will use the proceeds to reduce its debt, which has now significantly reduced from £27.9 billion. Since May 10, BT has received £3.1 billion from the sale of its stake in Japan Telecom; £5.9 billion from its Rights Issue; £2.1 billion from the sale of Yell; and £1.1 billion from this sale in Spain.
