As Patrick Drahi’s Altice group accelerates asset sales to reduce the company’s debt load, India’s Bharti Enterprises announced that it would buy out Drahi, the top investor in BT, for 3.2 billion pounds ($4 billion).
One of India’s largest conglomerates is now a significant strategic shareholder in BT. BT’s new CEO, Allison Kirkby, is working to revive shares by promising higher profits after years of cost-cutting. Bharti’s billionaire founder, Sunil Bharti Mittal, made the move.
Owning the Bharti Airtel brand that operates in 17 South Asian and African countries, Bharti announced on Monday that it had no plans to acquire the entirety of BT, the largest mobile and broadband provider in Britain and a former state monopoly.
It declared its support for BT’s executive team and its “ambitious” transformation program, which aims to build the nation’s fibre network to deliver long-term sustainable growth.
According to Reuters calculations, Drahi, a Franco-Israeli billionaire who amassed his wealth through debt-fueled acquisitions in the telecom and cable industries, paid approximately 4.2 billion pounds for the 24.5% stake in BT, which he acquired in three instalments between 2021 and 2023.
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