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India's Bharti Enterprises has announced plans to buy a 24.5% interest in BT Group for £3.2 billion ($4 billion).
India’s Bharti Enterprises has announced its plan to acquire a 24.5% stake in BT Group for £3.2 billion ($4 billion) from BT’s top investor, Patrick Drahi.
This move positions Bharti’s billionaire founder, Sunil Bharti Mittal, as a key strategic shareholder in BT, the UK’s largest broadband and mobile company.
Bharti is set to acquire the stake from Drahi’s Altice Group, which is currently engaged in asset sales to reduce its $60 billion debt. Drahi had previously acquired this stake in BT between 2021 and 2023 for approximately £4.2 billion.
The announcement led to a 6% rise in BT’s shares, which climbed to 139 pence. Bharti’s investment is seen as a positive endorsement of BT’s strategy under its new CEO, Allison Kirkby. The investment is expected to support BT’s long-term growth, particularly in developing the UK’s fiber network.
Bharti has already purchased a 9.99% stake in BT and will complete the acquisition of the remaining 14.51% after obtaining national security clearance from the UK government.
Bharti has clarified that it does not intend to acquire the entire company. Instead, it supports BT’s long-term growth objectives and has chosen not to seek a board seat, though Mittal hinted at potential strategic input.
Bharti and BT have a long history of collaboration, with BT holding a 21% stake in Bharti Airtel from 1997 to 2001. Other significant shareholders in BT include Deutsche Telekom, which has a 12% stake, and Mexican billionaire Carlos Slim, which has a 3.2% stake.
This acquisition strengthens Bharti’s global presence and aligns with its long-term investment strategy in telecommunications. It also addresses market concerns regarding Drahi’s debt burden and its impact on BT, providing stability and potential collaboration opportunities in the telecom sector.
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