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Bharti Global on Monday said it has reached an agreement to buy a large stake in BT Group PLC from Altice UK, sending shares in the London-based telecommunications operator upwards. The Delhi, India-based telecommunications company said it will buy a 24.5% stake in BT from Altice UK, a subsidiary of Altice Europe NV, which is lead by Israeli billionaire Patrick Drahi. The shares will be purchased through Bharti Televentures UK Ltd, a company established and wholly owned by Bharti Global. Bharti said it has entered into a binding agreement with Altice UK to acquire a 9.99% stake of BT’s issued capital imminently, with the balance 14.51% of BT’s share capital to be purchased following receipt of regulatory clearances. Back in 2022, the UK government had considered the national security implications of Altice’s 18% stake in BT but ultimately decided to take no action. Bharti said it has no intention of making an offer to acquire all of BT. Sunil Bharti Mittal, chair of Bharti Enterprises Ltd, said: ‘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.’ In response, BT Chief Executive Officer Allison Kirkby said: ‘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.’ BT shares rose 6.5% to 139.02 pence each early Monday morning in London, making it the best performer in the FTSE 100, which was up just 0.6%. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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