(Telecompaper) Orange will sell one third of its current participation in BT through a private placement of approximately 133 million shares, owned by its subsidiary Atlas Services Belgium. As part of this transaction, BT will place an order for GBP 200 million at the placement price, part of which for the benefit of its Employee Share Ownership Trust. Orange said that the sell-down represents around 1.33 percent of the share capital of BT. At the same time as the share sale, Orange will issue roughly GBP 520 million in convertible bonds due in 2021 that will be exchangeable into BT shares.