India’s Bharti to buy 24.5% BT stake from Patrick Drahi’s Altice

Team S · 2024-08-14T06:38:08.000Z

Bharti Enterprises, an Indian conglomerate, has become the largest shareholder in the UK's BT Group by acquiring a 24.5% stake from Altice, previously owned by billionaire Patrick Drahi. The deal, valued at approximately £3.2 billion, was announced on Monday, leading to an 8.5% rise in BT's share price. Bharti has no intention of acquiring the entire company and views the investment as a vote of confidence in the UK as a stable investment destination. The acquisition reflects Drahi's challenges, including a $60 billion debt burden and corruption allegations. Bharti's acquisition will be completed in two phases, with the first 9.99% stake already secured and the remaining 14.51% pending regulatory approval. Bharti's chairman, Sunil Bharti Mittal, emphasized the investment's alignment with BT's long-term strategy and its role in expanding broadband infrastructure in the UK. The move also marks a full-circle relationship between BT and Bharti, as BT previously held a significant stake in Bharti Airtel from 1997 to 2001. https://www.theguardian.com/business/article/2024/aug/12/bharti-buy-bt-stake-patrick-drahi-altice

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India’s Bharti to buy 24.5% BT stake from Patrick Drahi’s Altice | SEINET