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BT enters relationship agreement with Bharti Global

ALN

BT Group PLC on Monday said it has entered a ‘relationship agreement’ with existing shareholder Bharti Global Ltd, with two representatives of the latter being added to the London-based telecommunications firm’s board.

Sunil Bharti Mittal and Gopal Vittal are to join the BT board as non-independent non-executive directors with effect Monday.

Mittal is founder & chair of Bharti Enterprises, while Vittal is vice chair & managing director of Bharti Airtel Ltd.

‘We’re delighted to welcome Sunil and Gopal to the board of BT. They bring significant experience and global perspectives in the telecoms industry, and we look forward to their contribution to the board and to the future success of BT Group,’ BT Chair Adam Crozier said.

Under the terms of a relationship agreement, Bharti is allowed to nominate two people to the BT board for as long as it owns 20% or more of the London listing. If it owns at least 10%, it can nominate one.

In August of last year, Bharti Global struck a deal to acquire just under 25% of BT from Altice.

BT class A shares fell 3.7% to 198.15 pence each on Monday morning in London.

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