BT is Britain’s biggest broadband and mobile company. The acquisition will be made through Bharti Global.
“This investment demonstrates the confidence we have in BT and in the UK. BT has a strong portfolio of market leading brands, high-quality assets and an experienced management team with a compelling strategy mandated by the BT Board to deliver value over the long term, which we fully support,” said Sunil Bharti Mittal, Chair of Bharti Enterprises.
Bharti Global is the international investment branch of Bharti Enterprises which focuses on telecom, technology, digital infrastructure, and space communications. It includes investments in OneWeb, a space communications firm that merged with Eutelsat in 2023.
Altice UK is the vehicle of telecoms tycoon Patrick Drahi, who first bought into BT in 2021. Drahi’s wider group is currently struggling with high debt.
When asked about the price paid for the stake buy, Mittal said “steer you towards the market” and the stock has been hovering between 142-130 pence. The company has not asked for any board seat.The shares will be purchased through Bharti Global-owned Bharti Televentures to immediately buy 9.99 per cent stake while the balance 14.51 per cent stake will be acquired post requisite regulatory clearances. Bharti is also applying voluntarily for UK National Security and Investment Act clearance, the company said.
However, Bharti will not be making any offer to acquire the company
“The investment is a vote of confidence in the UK as an attractive global destination for investment, with a stable business and policy environment attractive for long-term investors. It builds on Bharti’s significant record of long-term investments across the UK and longstanding familiarity with BT’s business,” the company said.
BT was a minority shareholder in Bharti Airtel between 1997-2001.
