India’s Bharti Enterprises acquires 24.5% stake in BT

Indian conglomerate Bharti Enterprises has announced it would acquire a 24.5 per cent stake in British telecommunications giant BT for £3.2 billion. This strategic move marks a significant investment by Bharti and positions it as a key shareholder in BT.

The deal comes as BT’s major shareholder, Patrick Drahi’s Altice group, seeks to reduce its debt burden through asset sales. Bharti’s founder, Sunil Bharti Mittal, has expressed full support for BT’s ongoing transformation under the leadership of CEO Allison Kirkby.

Bharti aims to contribute to BT’s growth strategy, particularly in expanding the company’s fiber network. The investment highlights the Indian company’s long-term commitment to the telecommunications sector and its confidence in BT’s future prospects.

The acquisition is subject to government approval, with Bharti currently holding a 9.99 per cent stake in BT. The deal has been met with positive sentiment, with BT’s share price rising by six per cent following the announcement.

Attribution: Reuters