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Dixons raises £215m in Wanadoo share sale
Swing low, etc
Tue 25 Nov 2003 //
09:42 UTC
High street electrical retailer, Dixons, has raised £215 million (€310 million) after flogging 48.4 million shares in French ISP Wanadoo.
The cash will be used to reduce debt at Dixons, the company said in a statement.
Dixons earned its stake in Wanadoo following the sale of UK ISP, Freeserve, to the French company in 2000 for £1.65 billion. Dixons created Freeserve - the first major UK ISP not to charge a subscription - in September 1998 before it quickly grew into the UK's leading ISP.
Shares in Dixons were up 2.5p (1.9 per cent) at 134p in early trading. ®
Biting the hand that feeds IT
