Sunil Bharti Mittal-led Bharti Enterprises announced on Monday its intention to purchase a 24.5% stake in BT Group, the largest broadband and mobile provider in Britain. The acquisition will involve buying out the shares held by Altice UK, the investment vehicle of telecoms entrepreneur Patrick Drahi, who is currently BT’s largest shareholder.
In a statement, Bharti clarified that it does not plan to make an offer to acquire BT in its entirety.The company will initially acquire a 9.99% stake and then seek regulatory approvals, including voluntarily applying for clearance under the UK National Security and Investment Act, to acquire the remaining 14.51%.
“This investment demonstrates the confidence we have in BT and in the UK,” said Sunil Bharti Mittal, Chair of Bharti Enterprises, in the statement according to Reuters.
Drahi, whose wider group is currently facing challenges due to high debt levels, first invested in BT in 2021.
(This story is being updated)
In a statement, Bharti clarified that it does not plan to make an offer to acquire BT in its entirety.The company will initially acquire a 9.99% stake and then seek regulatory approvals, including voluntarily applying for clearance under the UK National Security and Investment Act, to acquire the remaining 14.51%.
“This investment demonstrates the confidence we have in BT and in the UK,” said Sunil Bharti Mittal, Chair of Bharti Enterprises, in the statement according to Reuters.
Drahi, whose wider group is currently facing challenges due to high debt levels, first invested in BT in 2021.
(This story is being updated)
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