Struggling equipment vendor Marconi Corp. plc (OTC: MONIY) raised nearly $90 million today by selling off its 40 percent stake in European broadband service provider Easynet Group plc.

The vendor placed its 44,682,364 unlisted, non-voting, ordinary shares with various institutions at 127 pence per share, raising £56.7 million (US$89.6 million). The shares were popular: One banking source close to the deal says the offer was oversubscribed.

Marconi no longer holds any Easynet stock. In July, Marconi sold 36,135,948 ordinary shares in Easynet at 112 pence apiece, raising £40.5 million ($60 million).

Marconi spokesman Joe Kelly says this was a good time to sell the remaining stake, as Easynet's share price is riding high at present...

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— Ray Le Maistre, International Editor, Boardwatch