3i and Oak Hill divest Telecity stakes

3i and Oak Hill Capital are reportedly selling parts of their combined 45% stake in London-based Telecity, the internet service provider.

Shares in the company have more than doubled since December to 276 pence, giving it a market capitalisation of more than £550m.

The share offering is expected to generate a £30m gain for 3i, assisting the firm in reducing its debt pile, which prompted its recent rights issue.

3i's and Oak Hill's individual stakes in the company will be reduced to 16%. Telecity operates 22 internet data centres across seven European countries.

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