Bharti Acquires 24.5% Stake in BT from Drahi
- Bharti agrees to purchase 24.5% of BT from billionaire Patrick Drahi.
- The acquisition is subject to UK Government's national security clearance.
- This deal marks a significant move in the telecom industry.
Indian conglomerate Bharti Global has announced its intention to acquire a 24.5% stake in British telecommunications company BT Group by purchasing a 9.99% share from French media giant Altice. The deal, confirmed on Monday, is subject to national security clearance from the UK government for an additional 14.51% stake. Bharti Global emphasized that it does not plan to make a full acquisition of BT, framing the investment as a strong endorsement of the UK as a favorable destination for long-term investment. The investment is seen as a significant vote of confidence in BT's future and its strategic direction. Allison Kirkby, BT's CEO, expressed enthusiasm for the partnership, highlighting the long-standing relationship between BT and Bharti Enterprises. She noted that the investment reflects Bharti Global's recognition of BT's long-term value and its commitment to the company's growth strategy. Founded in 1976 by billionaire Sunil Bharti Mittal, Bharti Global is a major player in various sectors, including telecommunications and media. Mittal reiterated the confidence in BT's strong portfolio and experienced management, underscoring the potential for value creation in the long term. Shravin Bharti Mittal, managing director of Bharti Global and son of Sunil Bharti Mittal, remarked on the company's history with BT, recalling a previous partnership when BT held a 21% stake in Bharti Airtel. He expressed optimism about BT's leadership potential in the telecom sector, particularly in home broadband services.