The UK operator’s share price has risen 35% since Allison Kirkby became CEO in February
Bharti Enterprises has completed the acquisition of a 24.5% stake in the UK telco BT Group from billionaire Patrick Drahi. The stake was sold via Altice UK in two parts, the second of which is now completed.
Drahi is under pressure to sell off assets as his Altice Group grapples with debt (€60 billion) earlier this year), exacerbated by inflation, and the fallout from an accounting scandal in Portugal. He agreed in August to sell Altice’s stake in BT to Bharti Enterprises, the majority stakeholder in Bharti Telecom. In turn, Bharti Telecom is the largest shareholder in India’s second biggest telco, Bharti Airtel.
In August, billionaire telecom and media investor Patrick Drahi agreed to sell the stake he held in BT to Bharti in two transactions through Altice UK. The second part has now been completed. Bharti’s stake is worth about £3.6 billion based on BT’s share price of 148 pence.
BT’s stock price has risen about 35% since CEO Allison Kirkby became CEO in February. She has continued cost-cutting measures and plans to focus on the UK core business and reduce BT’s international activities.
BT previously owned a 21% stake in Bharti Airtel and had two seats on its board between 1997 and 2001.