British Airways has completed the sale of its second tranche of shares in the telecommunications company Equant for £58 million. The sale, through a secondary public offering, is in line with the airline`s strategy of divesting non-core investments.
The airline has sold 1,069,741 shares priced at the offer price of US$90.91 per share which, at an exchange rate of £1=$1.61, raised around £58 million after costs. The sale will result in a book profit of around £58 million which will be included in the airline`s third quarter financial results.
Following the sale of this second tranche, British Airways through its membership of the SITA Foundation, remains the beneficial owner of 2.1 million shares.