France Telecom to Invest in NTL
PARIS, July 20 -- France Telecom announced that it has agreed to make an initial equity investment of US $1 billion in UK cable operator NTL. The investment will include the purchase of $250 million in common stock at $92.50 per share, and $750 million in five percent preferred stock, convertible into common stock at $125 per share. Upon conversion, France Telecom is expected to control 10 percent of NTL's then-outstanding common stock.
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