An investment firm owned by Indian billionaire Sunil Mittal is to acquire a 25% stake in BT.
Bharti Global, which has interests in telecoms, digital infrastructure and space communications, is set to buy the shares from French billionaire Patrick Drahi’s Altice.
Bharti has reached an agreement with Altice UK to acquire c.9.99% stake of BT's issued capital, with the balance c.14.51% to be acquired following regulatory clearance. Bharti is also applying voluntarily for UK National Security and Investment Act clearance.
Sunil Mittal 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.”
BT shares rose as much as 6.5% in early London trade following the announcement.
BT previously owned a 21% stake along with two board seats in Bharti Airtel Limited from 1997 to 2001. But the firm today added it had no intention to make an offer to acquire the entire company.
BT CEO Allison Kirkby 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.”
Altice, which is controlled by French-Israeli billionaire Patrick Drahi, had been upping its stake in BT in recent years, and had already faced a national security probe in 2022.
Founded by billionaire Sunil Bharti Mittal in 1976, Bharti Global is one of India’s largest conglomerates, with interests in telecoms, media, space and other sectors. Mr Bharti Mittal, 66, is the company’s chairman.
