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Bharti Global, the international investment arm of Bharti Enterprises (Bharti), has reached an agreement to acquire 24.5 per cent of the issued share capital of British Telecom (BT) Group plc from Altice UK S.à r.l (Altice UK).
The shares will be purchased through Bharti Televentures UK Ltd – a company established and wholly owned by Bharti Global. Bharti Televentures UK Ltd has entered into a binding agreement with Altice UK to acquire 9.99 per cent stake of BT Group’s issued capital imminently with the balance 14.51 per cent of BT’s share capital to be acquired following receipt of applicable regulatory clearances, the company said in a statement.
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, it said.
“Bharti and BT have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group’s history as we invest in BT - an iconic British company,” Sunil Bharti Mittal, Chairman of Bharti Enterprises said.
Bharti’s own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business, he said.
“We review global investment opportunities in the world of technology from digital infrastructure to software. We believe that BT is poised for leadership in the telecom arena, especially home broadband services,” Shravin Bharti Mittal, Managing Director of Bharti Global and Founder of Unbound, the long-term global tech investment fund, said.
Barclays Bank PLC, acting through its Investment Bank served as sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction, the company said.
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