Bharti Global, the international investment arm of Indian conglomerate Bharti Enterprises, has acquired a stake in British telecommunications firm BT Group Plc.
What Happened: Bharti has agreed to buy a 24.5% stake in the UK-based telecom firm from shareholder Altice UK, the company said in a press release. Altice UK is a subsidiary of billionaire Patrick Drahi's telecommunications group Altice.
The shares will be purchased through Bharti Televentures UK Ltd, a company wholly owned by Bharati Global. Bharti Televentures has signed a deal with Altice UK to acquire approximately 9.99% of BT Group’s shares immediately, with plans to buy the remaining 14.51% once regulatory approvals are received, the company said.
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"We welcome investors who recognise 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" Allison Kirkby, chief executive of BT Group said in another statement.
"This investment in BT Group PLC aims to support the commitment of our Hon’ble Prime Minister towards his vision in elevating and broadening the India-UK ties," Sunil Bharti Mittal, Founder and Chairman of Arti Enterprises, also added.
Bharti Enterprises is also the owner of Indian telecom firm Bharti Airtel. BT owned a 21% stake along with 2 board seats in Bharti Airtel from 1997-2001.
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