Deals

U.K. Raises £750 Million From Selling 15% Stake in Royal Mail

Royal Mail's Mount Pleasant sorting office in London.
Photographer: Chris Ratcliffe/Bloomberg

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By Benjamin Katz and Chris Jasper

June 10, 2015 at 4:08 PM UTC

Updated on

June 11, 2015 at 7:38 AM UTC

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The U.K. government said it raised 750 million pounds ($1.2 billion) from selling half of its remaining stake in Royal Mail Plc as the new Conservative administration steps up efforts to reduce the nation’s debt.

The holding was cut to 15 percent through the disposal of about 150 million shares via a placing with institutional investors, the Department for Business, Innovation & Skills said Thursday after announcing the sale the previous evening.