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LONDON - Liberty Global Ltd. plans to sell approximately 191 million ordinary shares in ITV Plc, representing about 5% of the British broadcaster’s issued share capital, according to a press release issued Tuesday.
The sale will be conducted through Liberty Global’s wholly owned subsidiary, Liberty Global Ventures Limited, via an accelerated bookbuild secondary block trade to institutional investors. The transaction is subject to customary closing conditions.
Following the proposed sale, Liberty Global’s stake in ITV would be reduced from approximately 10% to 5%. The seller has committed to a 60-day lock-up period, agreeing not to sell additional ITV shares during this time, with certain standard exceptions.
The final number of shares to be placed and the price per share will be determined through the accelerated bookbuilding process. The bookbuilding period has already commenced, with pricing and allocations expected to be announced following the closing of the books.
BNP PARIBAS and Deutsche Bank AG, London Branch (Deutsche Numis) are serving as joint global co-ordinators and bookrunners for the transaction.
The divestment aligns with Liberty Global’s previously stated intention to sell non-core assets, as noted in the company’s announcement.
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