New Delhi: Bharti Global, the overseas investment division of Bharti Enterprises, is set to purchase approximately 24.5 per cent of BT Group from Altice UK, as per a statement released on Monday. Bharti Global owns and operates Bharti Televentures UK, which will acquire the shares.
Bharti stated that its international investment branch, Bharti Global, has agreed to purchase a stake of 24.5 percent in BT Group plc from Altice UK. Bharti Enterprises is a prominent Indian business group with leading companies in telecoms, digital infrastructure, and space communications.
While the exact amount of the deal was not disclosed in the announcement, experts estimate that based on BT's valuation of around USD 15 billion, the deal could be approximately USD 4 billion.According to the announcement, Bharti Televentures UK is set to acquire approximately 9.99 percent of BT Group's issued capital through a binding agreement with Altice UK. After regulatory approvals, they will also acquire around 14.51 percent of BT's share capital.
Bharti anticipates that the investment will enhance the development of new synergies in the telecom industry between India and UK in AI, 5G R&D, and core engineering, among other areas, presenting a significant opportunity to work together on industry best practices and emerging technologies. It is important to note that Bharti and BT have had a relationship for over twenty years.
Sunil Bharti Mittal, Chairman of Bharti Enterprises mentioned that Bharti and British Telecom (BT) have had a long-lasting partnership for over twenty years, during which BT had a 21% ownership stake and two board seats in Bharti Airtel Limited from 1997-2001. Today is a momentous occasion for Bharti Group as we make a significant investment in BT, a well-known British firm.
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