Bharti Enterprises mentioned it could purchase a 24.5% stake in BT Group, shopping for out the British firm’s prime shareholder, Altice UK, the car of Telecoms tycoon Patrick Drahi.
Bharti mentioned in an announcement on Monday (August 11, 2024) that it had no intention of creating a proposal to amass the entire of BT, the previous state monopoly which is Britain’s largest broadband and cell firm.
Drahi first purchased into BT in 2021 however his wider group is now battling excessive debt ranges.
The corporate mentioned it could purchase an preliminary 9.99% stake earlier than searching for to amass the remaining 14.51% following regulatory approvals, together with voluntarily making use of for clearance beneath the UK Nationwide Safety and Funding Act.
“This funding demonstrates the arrogance we’ve in BT and within the UK,” Bharti Enterprises Chair Sunil Bharti Mittal mentioned within the assertion.
