|
Bharti Global, the international investment arm of Bharti Enterprises, has agreed to acquire a 24.5 per cent stake in BT Group plc from Altice UK S.a r.l, according to an official statement released on Monday.
The company highlighted that the shares will be purchased through Bharti Televentures UK Ltd, a company established and fully owned by Bharti Global. The company has entered into a binding agreement with Altice UK to acquire an initial 9.99 per cent stake in BT Group's issued capital immediately, with the remaining 14.51 per cent to be acquired after receiving the necessary regulatory approvals. Bharti and BT have a relationship spanning over two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and now, with this new investment, Bharti is taking a significant step by acquiring a stake in BT, strengthening the business ties between India and the UK. The company also added that this investment is in line with Prime Minister Narendra Modi's vision of enhancing India-UK relations. Bharti hopes that this move will foster new synergies between the two countries in the telecom sector, particularly in areas like AI, 5G research and development, and core engineering. These collaborations hold great potential for sharing industry best practices and advancing emerging technologies. During a recent visit to India by UK Foreign Secretary Rt. Hon David Lammy, the UK-India Technology Security Initiative was announced, aiming 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 wherein BT owned a 21 per cent stake along with 2 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 the commitment of our Hon'ble Prime Minister towards his vision in elevating and broadening the 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 Doraiswamy also hailed the move by Bharti Global. "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. This vote of confidence in India-UK is a great step after the Technology Security Initiative," Doraiswamy said in a post on X. (ANI)
|
