Bharti Global to acquire 24.5% stake in BT Group from Altice UK

Bharti Global, the international investment arm of Bharti Enterprises, has announced that it has agreed to acquire 24.5% stakes in BT Group plc from Altice UK S.à r.l (Altice UK). This strategic move, executed through Bharti Televentures UK, marks a significant expansion of Bharti’s investments in the telecom sector.

According to a press release, Bharti Televentures UK has already signed a binding agreement with Altice UK to acquire an initial 9.99% stake in BT Group’s issued capital. The remaining 14.51% will be secured following necessary regulatory approvals. This acquisition is poised to strengthen the more than two-decades-old relationship between Bharti and BT. It may be recalled that in 1997, BT had acquired a 21% stake in Bharti Airtel.

The acquisition will help foster deeper synergies between India and the UK in the telecom sector, particularly in areas like AI, 5G R&D, and core engineering.

Sunil Bharti Mittal, Chairman of Bharti Enterprises, commented on the deal: “This investment in BT marks a significant milestone in Bharti Group’s history as we invest in an iconic British company. It underscores our commitment to supporting the vision of our Prime Minister in elevating and broadening India-UK ties.”

He added that Bharti’s record of owning and operating telecom and broadband networks worldwide is underpinned by placing customers, digital innovation, and operational efficiency at the heart of its business.

Shravin Bharti Mittal, Managing Director of Bharti Global, expressed optimism about the acquisition, stating, “We are pleased to have this opportunity to acquire a significant stake in BT. We believe BT is poised for leadership in telecom, especially home broadband services.”

The acquisition is seen as a move to foster deeper synergies between India and the UK in the telecom sector, particularly in areas like AI, 5G R&D, and core engineering. The partnership is expected to leverage industry best practices and emerging technologies to create new opportunities for collaboration.

Barclays Bank PLC acted as the sole financial advisor for Bharti Global, while Linklaters LLP provided legal advisory services for the transaction.

This acquisition further enhances Bharti Global’s significant investments in the UK, which include stakes in OneWeb and marquee hotels such as The Hoxton and Scottish resort Gleneagles. Bharti Global continues to build on its portfolio, focusing on fostering the next generation of global technology innovations.