Bharti Global, the international investment arm of Bharti Enterprises (Bharti), has reached an agreement to acquire a 24.5 percent stake in BT Group from Altice UK. The acquisition will be executed through Bharti Televentures UK, a wholly-owned subsidiary of Bharti Global. Initially, Bharti Televentures UK will purchase a 9.99 percent stake in BT's issued share capital, with the remaining 14.51 percent to be acquired following regulatory clearances.
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Milestone in Bharti-BT Relationship
This investment marks a significant milestone in the long-standing relationship between Bharti and BT, which began in 1997 when BT acquired a 21 percent stake in Bharti Airtel, Bharti Group said in a statement on Monday.
Vision and Future Collaborations
Commenting on the investment in BT, Sunil Bharti Mittal, Chairman of Bharti Enterprises, said: "Bharti and British Telecom (BT) have had an enduring relationship going back more than two decades, during which BT owned a 21 percent stake along with two 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 of elevating and broadening the India-UK ties."
"BT is well known to us from our long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company. We believe that BT is poised for leadership in the telecom arena, especially in home broadband services," added Shravin Bharti Mittal, Managing Director of Bharti Global.
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Commenting on the development, Timotheus Hottges, CEO of Deutsche Telekom, which holds a 12 percent stake in BT, said: "We see this as a positive step for BT. We have a long and good working relationship with Bharti, so we look forward to working together with Bharti on the Board of Directors for the benefit of BT shareholders and customers."
Advisors of Transaction
The transaction was advised by Barclays Bank and Linklaters, with expectations of fostering collaboration in AI, 5G R&D, and other emerging technologies between India and the UK.
