India’s Bharti announced that it has reached an agreement to purchase approximately 24.5% stake of BT Group (a British multinational telecommunications holding company) from Altice USA, the largest shareholder of the BT Group.
But now with this agreement, Bharti will now become BT’s biggest shareholder.
In a statement, Bharti said that it would purchase 9.99% of the shares right away and would purchase the remaining shares following regulatory approval.
Altice has found itself on unstable footing due to its debt-led acquisitions and corporate scandals. The holding company Altice, which also has investments in other communications and technology firms, purchased its BT stake in multiple installments, first in 2021 and then again in May 2023.
Since then, the broader decline in technology and communications stocks has contributed to BT’s share price decline.
Additionally, it looks as though Altice is cutting back on its operational assets at this point: recently, the company sold media platform Teads to web recommendation platform Outbrain for a $1 billion price that included $725 in cash and deferred payments in addition to stock.
“Bharti hopes that this investment will further help create new synergies in the telecom sector between both countries in the areas of AI and 5G R&D and core engineering amongst others, offering great potential to collaborate on industry best practices and emerging technologies,” the company said in a statement.
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