Bharti Global, the investment unit of Indian billionaire Sunil Mittal’s Bharti Enterprises, has acquired a significant stake in the UK’s BT Group. After purchasing Altice’s 24.5% shares, Bharti Global now holds the position of the largest shareholder. Although the deal’s financial details were not disclosed, the estimated value hovers around £4 billion.
The acquisition is a strategic milestone solidifying Bharti Global’s commitment to BT’s growth trajectory. Allison Kirkby, BT’s CEO, expressed her optimism, highlighting the transaction as a testament to the potential seen in BT’s business model. “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,” she stated.
Sunil Bharti Mittal also underscored this sentiment, noting BT’s strengths in network optimization and consumer growth. He believes the company is well-positioned in the telecom marketplace to deliver sustained investor value.
Meanwhile, Altice’s decision to sell this stake to Bharti Global reflects its shift in strategic focus. Amidst its hefty €60 billion debt burden, owner Patrick Drahi is aiming to streamline operations and divest from non-essential assets.
This development may usher in stronger ties with UK’s market and reflects Bharti’s confidence in its investment. However, it also signals the challenges Altice faces in managing its financial obligations. The sale may benefit Altice by helping it realign operational focus. For BT, it brings a new heavyweight stakeholder committed to supporting its strategic goals.
