Telewest Communications has sold its 16.9% shareholding in SMG to institutional investors for 85p per share, the group confirmed this afternoon.
The sale, which was given the go ahead by shareholders in September (see Telewest Set For SMG Disposal, Denies More Redundancies), raised £45.1 million for the UK cable operator. This money will be put back into the group’s ‘core business’, said managing director Charles Burdick.
Telewest is in the process of gaining creditor approval for a full financial restructure of the company in order to alleviate £3.5 billion of its £5.3 billion debt (see Telewest Defers Payments Ahead Of Restructure).
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