BSkyB has confirmed that it is to stage a share issue on the London and New York stock exchanges before the end of the year. The flotation will be the UK’s largest non-privatisation issue and will involve £1bn new BSkyB shares or 20% of its enlarged equity. It is expected to value the company at around £5bn.
The proceeds of the issue will be used to reduce BSkyB’s £1.7bn debt, a large proportion of which was given or guaranteed by shareholders. News corporation, being the largest shareholder (50%), will benefit most from the issue and receive around £500m. BSkyB’s 3.5m subscribers will be targeted directly to buy shares.
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