Bharti Global acquires 24.5% stake in BT Group

19 Nov 2024 , 01:35 PM

Bharti Global, Bharti Enterprises’ foreign investment arm, said that it has concluded the acquisition of a 24.5% stake in BT Group plc from Altice UK.

Bharti, which owns India’s second largest telecom business, Airtel, is now the dominant stakeholder in the UK’s second-largest telecom company, the BT Group.

BT Group stated that Bharti’s investment is a reflection of their confidence in the shining future of the company.

BT has a standing relationship with Bharti Enterprises, and I’m delighted that we share a common ambition and vision for the future altogether, said Allison Kirkby, BT Group Chief Executive, in a separate statement. They have a proven track record of success in the area, and I look forward to further and constructive collaboration with them in the coming months and years.

Earlier, Bharti Group announced plans to acquire a 24.5% interest in British Telecom for $4 Billion.

It has also been reported that Bharti Group has bagged approximately $1.8 Billion from Barclays for its prospective acquisition. Bharti Global said that the acquisition of a 9.99% interest in BT will be through an open market deal via Bharti Televentures. On the other hand, the remaining 14.51% will be purchased once regulatory permission is obtained. 

Interestingly, in 1997, British Telecom acquired a 21% share in Bharti Airtel before quitting the company in 2001.

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