Bharti Global, the international investment arm of Bharti Enterprises, has agreed to acquire a 24.5% stake in BT Group plc from Altice UK S.a r.l, according to an official statement released on Monday. The shares will be purchased through Bharti Televentures UK Ltd, a company established and fully owned by Bharti Global. Initially, a 9.99% stake in BT Group’s issued capital will be acquired, with the remaining 14.51% to be obtained after necessary regulatory approvals.
Bharti and BT have maintained a relationship spanning over two decades, beginning in 1997 when BT acquired a 21% stake in Bharti Airtel. This new investment marks a significant step in strengthening business ties between India and the UK.
Bharti Global emphasized that this investment aligns with Prime Minister Narendra Modi’s vision of enhancing India-UK relations. The company aims to foster new synergies between the two countries in the telecom sector, particularly in areas such as AI, 5G research and development, and core engineering.
During a recent visit to India by UK Foreign Secretary Rt. Hon David Lammy, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies, including telecom.
“Bharti and British Telecom (BT) have an enduring relationship going back more than two decades, during which BT owned a 21% 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. This investment in BT aims to support our Hon’ble Prime Minister’s commitment to elevating and broadening India-UK ties,” said Sunil Bharti Mittal, Chairman of Bharti Enterprises.
Barclays Bank PLC, through its Investment Bank, served as the sole financial advisor, while Linklaters LLP provided legal advice to Bharti Global for this transaction.
Indian High Commissioner to the UK, Vikram Doraiswami tweets, “Delighted Bharti Global of India is investing in 24.5% of the shares of UK’s BT Group. This will support BT’s plans to build fibre, roll out 5G and develop services… pic.twitter.com/jPCeiNoAKb
— ANI (@ANI) August 12, 2024
Indian High Commissioner to the UK, Vikram Doraiswamy, also praised Bharti Global’s move. “Delighted Bharti Global of India is investing in 24.5% of the shares of UK’s BT Group. This will support BT’s plans to build fiber, roll out 5G, and develop services. This vote of confidence in India-UK is a great step after the Technology Security Initiative,” Doraiswamy said in a post on X.
(With ANI Inputs)
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