An Indian business group has agreed to purchase a 24.5% stake in BT Group from French billionaire Patrick Drahi.
Bharti Global will purchase the holding from Drahi’s Altice UK.
The Indian company said it had no intention of making an offer to acquire BT.
Altice, which has held shares in BT since 2021, is reportedly $60 billion in debt and has held a series of discussions with bondholders to restructure its debt.
Bharti Enterprises holds a number of shares in telecoms, digital infrastructure and space communications, including Bharti Airtel, Emtel and Eutelsat.
Sunil Bharti Mittal, chairman of Bharti Enterprises, said: “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.”
Allison Kirkby, Chief Executive, said “We welcome investors who recognise the long-term
value of our business, and this scale of investment from Bharti Global is a great vote of
confidence in the future of BT Group and our strategy.
“BT has enjoyed a long association with Bharti Enterprises, and I’m pleased that they share
our ambition and vision for the future of our business. They have a strong track record of
success in the sector, and I look forward to ongoing and positive engagement with them
in the months and years to come.”
The deal will make the company BT’s largest shareholder.
