Indian conglomerate Bharti Enterprises has purchased a 24.5% stake in the UK’s BT Group from billionaire Patrick Drahi’s struggling Altice. Bharti expressed confidence in the UK as an attractive investment destination with a stable business environment. The sale is seen as a reflection of the challenges facing Drahi’s empire, including a large debt load and corruption allegations.
Bharti’s investment in BT marks a return to their relationship, as BT had previously owned a stake in Bharti Airtel Ltd. Bharti, a diversified conglomerate with interests in sectors such as telecom, hospitality, and space, is known for its telecom arm Bharti Airtel, which is the world’s third-largest mobile service provider by subscriber numbers. Bharti’s founder, Sunil Mittal, has an estimated wealth of $23 billion.
Mittal expressed confidence in BT’s future and its role in expanding full-fiber broadband infrastructure in the UK. BT’s CEO, Allison Kirkby, welcomed the investment and highlighted Bharti’s track record of success in the telecom sector. The investment by Bharti has boosted BT’s shares and demonstrates a positive outlook for the company.
This investment comes on the heels of other recent investments in BT, such as the one made by Mexican billionaire Carlos Slim. The move reflects a growing interest in BT from international investors and highlights the potential and value of the company in the telecom industry.
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