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Japan's KDDI divests stake in satellite firm Inmarsat for 840p per share

Reuters - UK Focus

LONDON, Feb 24 (Reuters) - Japanese telecommunications group KDDI Corporation (Other OTC: KDDIF - news) has sold its entire 4.85 percent stake in satellite communications company Inmarsat (Other OTC: IMASF - news) for 840 pence per share, the company said on Tuesday.

KDDI will raise approximately 183 million pounds from the sale of its 21.74 million shares in Inmarsat.

Reuters reported on Monday that KDDI was planning to sell its holding in London-listed Inmarsat. Shares (Frankfurt: DI6.F - news) in Inmarsat opened on Tuesday down 4.2 percent from Monday's close of 887.50 pence per share.

The share price stood at 861.0 pence per share at 1008 GMT.

Nomura International plc acted as sole bookrunner for the placing. (Reporting By Andrew Winterbottom; Editing by Sophie Sassard)