Bharti Global, the international investment arm of Bharti Enterprises (Bharti), an Indian business group with companies in telecoms, digital infrastructure and space communications, on Monday announced that it has reached an agreement to acquire 24.5 per cent of the issued share capital of BT Group plc from 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.
The company said that the investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties.
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.
Sunil Bharti Mittal, Chairman of Bharti Enterprises, said, “Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 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. 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.”
Shravin Bharti Mittal, Managing Director of Bharti Global and Founder of Unbound, the long-term global tech investment fund, said, “We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company. We believe that BT is poised for leadership in the telecom arena, especially home broadband services.”
Barclays Bank PLC served as sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction.