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Bharti Group picks up 24.5% stake in BT Group from Altice UK

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BHARTI GROUP PICKS UP 24.5% STAKE IN BT GROUP FROM ALTICE UK


BHARTI SAID IT HOPES THAT THIS INVESTMENT WILL FURTHER HELP CREATE NEW SYNERGIES
IN THE TELECOM SECTOR BETWEEN BOTH COUNTRIES IN THE AREAS OF AI AND 5G R&D AND
CORE ENGINEERING AMONGST OTHERS, OFFERING GREAT POTENTIAL TO COLLABORATE ON
INDUSTRY BEST PRACTICES AND EMERGING TECHNOLOGIES. 


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Business Today Desk
 * Updated Aug 12, 2024, 9:33 PM IST

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Bharti and British Telecom (BT) have an enduring relationship going back more
than two decades, said Sunil Bharti Mittal.

Bharti Global, the international investment arm of Bharti Enterprises, on Monday
announced an agreement to acquire 24.5 per cent stake in BT Group plc from
Altice UK. "The shares will be purchased through Bharti Televentures UK Ltd – a
company established and wholly owned by Bharti Global. Bharti Televentures UK
Ltd has entered into a binding agreement with Altice UK to acquire 9.99 per cent
stake of BT Group's issued capital imminently with the balance 14.51 per cent of
BT's share capital to be acquired following receipt of applicable regulatory
clearances," the company stated in a release.



"Bharti and BT have an enduring relationship going back more than two decades.
In 1997, BT acquired a 21 per cent stake in Bharti Airtel and today marks a
significant milestone in Bharti's history as it acquires a stake in the iconic
British Company – BT, thereby, strengthening the India-UK bilateral
partnership," it also mentioned.

Bharti said it hopes that this investment will further help create new synergies
in the telecom sector between both countries in the areas of AI and 5G R&D and
core engineering amongst others, offering great potential to collaborate on
industry best practices and emerging technologies.

Commenting on the investment in BT, Sunil Bharti Mittal, chairman of Bharti
Enterprises, said, "Bharti and British Telecom (BT) have an enduring
relationship going back more than two decades wherein BT owned 21 per cent stake
along with 2 board seats in Bharti Airtel Limited from 1997-2001. Today marks a
significant milestone in Bharti Group’s history as we invest in BT - an iconic
British Company."



Bharti's 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 added.

Timotheus Höttges, CEO, Deutche Telecom, which holds 12% stake in BT said, “We
see this as a positive step for BT. We have a long and good working relationship
with Bharti. So we are looking forward to work together with Bharti in the Board
of Directors for the sake of BT shareholders and customers.”



The company's telecoms portfolio includes Bharti Airtel Ltd, a top three mobile
operator globally, with networks that cover around two billion people serving
over five hundred and fifty million customers in 17 countries across South Asia
and Africa.





Disclaimer: Business Today provides stock market news for informational purposes
only and should not be construed as investment advice. Readers are encouraged to
consult with a qualified financial advisor before making any investment
decisions.


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