Altice UK Increases Stake in BT, Affirms No Intention to Make Offer

Altice UK Increases Stake in BT, Affirms No Intention to Make Offer

Altice UK, a company fully owned by Patrick Drahi, has announced the acquisition of an additional 650,000,000 shares in BT, raising its ownership to 24.5 percent of BT’s issued share capital. This development, disclosed in an exchange filing, comes as Altice UK continues to increase its stake in BT, with a strategic move that solidifies its position as the largest shareholder in the company.

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Gradual Accumulation of BT Shares

Altice UK has been steadily purchasing BT shares over the past few years. In 2021, the company invested Euros 2 billion (USD 2.47 billion) to acquire a 12.1 percent stake in BT. Later that year, Altice UK added another 5.9 percent of shares, bringing its total ownership to 18 percent, making it the largest shareholder in BT.

Altice UK has restated its position to the Board of BT, emphasizing that it has no intention to make an offer for BT. This commitment is in accordance with Rule 2.8 of the UK’s Takeover Code, which governs such matters. Altice UK confirms that it remains bound by this statement, solidifying its position as a significant stakeholder in BT without seeking to acquire the company outright.

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Altice UK Expands Stake

Altice UK, under Patrick Drahi’s leadership, has increased its stake in BT from 18 percent to 24.5 percent. Drahi’s Altice group already controls SFR, the second-largest telecoms company in France, and possesses assets in the United States, Portugal, and Israel. The strategic move to expand the stake in BT aligns with Altice UK’s broader telecommunications portfolio.

BT’s 5G Network

BT, the telecommunications company in focus, has reported growth in its 5G connections. Currently, BT boasts 8.6 million 5G connections, marking a significant 62 percent increase compared to the previous year. BT’s 5G network now covers approximately 68 percent of the population of the country.