Bharti makes a strategic investment in UK – BT Group plc
Bharti Global has reached an agreement to acquire an interest in c.24.5% of the issued share capital of BT Group plc from Altice UK S.à r.l (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 c.9.99% stake of BT Group’s issued capital imminently with the balance c.14.51% of BT’s share capital to be acquired following receipt of applicable regulatory clearances.
Bharti and BT have an enduring relationship going back more than two decades. In 1997, BT acquired a 21% stake in Bharti Airtel and today marks a significant milestone in Bharti’s history as it acquires a stake in the iconic British Company – BT, thereby, strengthening the India-UK bilateral partnership.
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*.
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, offering great potential to collaborate on industry best practices and emerging technologies.
During the recently concluded visit of UK Foreign Secretary, Rt. Hon David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including Telecom.
Commenting on the investment in BT, 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% 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.
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, acting through its Investment Bank (“Barclays”) served as sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction.
