Indian conglomerate Bharti Global has reached an agreement to acquire the 24.5% stake in BT Group owned by Patrick Drahi’s Altice UK.
Bharti Global will buy 10% of BT’s shares from Altice immediately with the purchase following regulatory approval.
Allison Kirkby, BT Chief Executive (pictured), 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.
“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."
Bharti Global owns Bharti Airtel, a telecoms group operating across India and Africa.
Sunil Bharti Mittal, Chair of Bharti Enterprises, said: “This investment demonstrates the confidence we have in BT and in the UK.
“Our own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation, and operational efficiency at the heart of its business.”
Mittal states he has no interest in acquiring the entire company.