Business EconomyPosted at: Aug 12 2024 8:54PM


Bharti to acquire 24.5 pc stake in UK-based BT group from Altice UK

New Delhi, Aug 12 (UNI) Bharti Global, the international investment arm of Bharti Enterprises (Bharti), has reached an agreement to acquire an interest in 24.5% of the issued share capital in UK based BT Group.
The shares will be purchased through Bharti Televentures UK Ltd – a company established and wholly owned by Bharti Global.
Bharti Televentures UK Ltd has entered into a binding agreement with Altice UK to acquire 9.99% stake of BT Group’s issued capital imminently with the balance 14.51% of BT’s share capital to be acquired following receipt of applicable regulatory clearances.
Bharti and BT have an enduring relationship going back more than two decades. In 1997, BT acquired a 21% stake in Bharti Airtel and today marks a significant milestone in Bharti’s history as it acquires a stake in the iconic British Company – BT, thereby, strengthening the India-UK bilateral partnership, a company release said.
This investment in BT aims to support the commitment of our Hon’ble Prime Minister towards his vision in elevating and broadening the India-UK ties.
The company didn’t divulge financial details of investment but sources said it could be about USD 4 billion.
Bharti hopes that this investment will further help create new synergies in the telecom sector between both countries in the areas of AI and 5G R&D and core engineering amongst others, offering great potential to collaborate on industry best practices and emerging technologies.
Commenting on the investment in BT, Sunil Bharti Mittal, Chairman of Bharti Enterprises said “Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21% stake along with 2 board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group’s history as we invest in BT - an iconic British Company.”
This investment in BT aims to support the commitment of our Hon’ble Prime Minister towards his vision in elevating and broadening the India-UK ties.
Bharti’s own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business.
Barclays Bank PLC, acting through its Investment Bank (“Barclays”) served as sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction, the release added.
UNI SKB CS2054
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Tags: #Bharti to acquire 24.5 pc stake in UK-based BT group from Altice UK
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