Bharti Global, an Indian business group, has acquired a 24.5% stake in BT Group from French billionaire Patrick Drahi's Altice UK. This acquisition makes Bharti Global the largest shareholder in the British telecommunications company. The deal was announced in a statement from Bharti Global, highlighting their confidence in BT's future strategy and its portfolio of market-leading brands.
Altice, which has held shares in BT since 2021, is reportedly facing a $60 billion debt and has been in discussions with bondholders to restructure its financial situation. Bharti Enterprises, the parent company of Bharti Global, has a diverse portfolio of investments in telecommunications, digital infrastructure, and space communications, including holdings in Bharti Airtel, Emtel, and Eutelsat.
Sunil Bharti Mittal, chairman of Bharti Enterprises, expressed his confidence in BT and the UK, stating, “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.”
Allison Kirkby, Chief Executive of BT, welcomed Bharti Global's investment, stating, “We welcome investors who recognize 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.” She also noted BT's long-standing association with Bharti Enterprises and their shared ambition for the company's future.