Bharti Global To Buy 24.5% Stake in BT Group From Altice UK Worth $4 Billion Bharti Global, the international investment arm of Bharti Enterprises, is set to acquire 24.5 per cent stake in Britain based company, BT group
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Bharti Global, the international investment division of Bharti Enterprises, plans to acquire a 24.5 per cent stake in the UK-based BT Group. The investment, valued at $4 billion, involves shares from Altice UK. The transaction will be executed by Bharti Televentures UK Ltd, a fully owned subsidiary of Bharti Global. According to the agreement, Bharti Televentures will first secure a 9.99 per cent stake in BT, with the additional 14.51 per cent stake contingent upon obtaining the necessary regulatory approvals.
Allison Kirkby, chief executive, BT Group 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."
"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. Bharti and BT have enjoyed a longstanding relationship - BT previously owned a 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997 to 2001." said Sunil Bharti Mittal, chairperson of Bharti Enterprises.
