Bharti Enterprises to Acquire 24.5% Stake in BT Group from Altice UK

Bharti Enterprises will purchase a 24.5% stake in BT Group from Altice UK. The deal involves an immediate acquisition of 9.99% and an additional 14.51% stake pending regulatory approvals. This move reflects Bharti’s confidence in BT and the UK market.

Bharti Enterprises has announced its intention to acquire approximately 24.5% of BT Group from Altice UK, BT’s largest shareholder. This acquisition, detailed in a stock exchange filing on Monday, will be executed through Bharti Global. Bharti Global, the international investment arm of Bharti Enterprises, focuses on telecom, technology, digital infrastructure, and space communications, including its investment in OneWeb, which merged with Eutelsat in 2023.

Sunil Bharti Mittal, Chairman of Bharti Enterprises, expressed strong support for the investment, stating, “This investment demonstrates our confidence in BT and in the UK market. BT’s robust portfolio, high-quality assets, and skilled management team, alongside a compelling long-term strategy, are key factors in our decision.”

Altice UK, the seller, is controlled by telecom tycoon Patrick Drahi, whose wider group faces significant debt challenges. The exact purchase price for the stake has not been disclosed, though the stock has been trading between 142-130 pence. Bharti will acquire the shares through Bharti Global-owned Bharti Televentures, buying an immediate 9.99% stake, with the remaining 14.51% to be purchased after obtaining necessary regulatory approvals.

The acquisition aligns with Bharti’s strategy to invest in developed markets and underscores its commitment to the UK as a stable investment destination. The company has also applied for UK National Security and Investment Act clearance as part of the process. Bharti is not seeking a board seat as part of this transaction.

The investment continues Bharti’s long-standing relationship with BT, which previously held a minority stake in Bharti Airtel from 1997-2001.