Bharti Enterprises said it would acquire a 24.5% stake in BT Group, buying out the British company’s top shareholder, Altice UK, the vehicle of Telecoms tycoon Patrick Drahi.

Bharti said in a statement on Monday (August 11, 2024) that it had no intention of making an offer to acquire the whole of BT, the former state monopoly which is Britain’s biggest broadband and mobile company.

Drahi first bought into BT in 2021 but his wider group is now struggling with high debt levels.

The company said it would acquire an initial 9.99% stake before seeking to acquire the remaining 14.51% following regulatory approvals, including voluntarily applying for clearance under the UK National Security and Investment Act.

“This investment demonstrates the confidence we have in BT and in the UK,” Bharti Enterprises Chair Sunil Bharti Mittal said in the statement.