Bharti Enterprises Acquires 24.5% Stake in BT from Patrick Drahi

Indian billionaire Sunil Bharti Mittal has announced that his conglomerate, Bharti Enterprises, has acquired a 24.5% stake in BT Group, previously owned by French billionaire Patrick Drahi. Drahi, who had gradually increased his stake in BT since June 2021, faced speculation about selling his shares, which negatively impacted BT's stock price. Following the announcement of the sale, BT's shares surged by as much as 7.5%, alleviating concerns over the perceived stock overhang. BT's CEO, Ms. Kirkby, expressed enthusiasm for the investment, highlighting it as a significant endorsement of BT's long-term value and strategy. She noted Bharti's strong track record in the telecom sector and anticipated positive collaboration in the future. Bharti Enterprises emphasized its support for BT's executive team and strategy, viewing the investment as a testament to the UK’s appeal as a stable environment for long-term investments. Mittal remarked on BT's promising future, urging the company to pursue its strategy with greater boldness. He acknowledged that while BT's share price has seen a quarter rise in the past six months, it has still declined by about a third since Drahi's initial investment. This acquisition is part of a broader trend of Indian investments in the UK, with notable examples including Mahindra & Mahindra and TVS Motors, which have also made significant acquisitions in the British market.