 "Bharti Global completes acquisition of 24.5% of BT Group from Altice UK")
Bharti Global, the international investment arm of Bharti Enterprises, has completed the acquisition of 24.5 per cent of the issued share capital of BT Group plc from Altice UK.
In a statement, Sunil Bharti Mittal, Chair of Bharti Enterprises said Bharti has long recognised the enormous potential of the business, as the telecom stalwart expressed his delight at completion of the transaction.
"We're delighted to have completed our investment into BT. Bharti has long recognised the enormous potential of the business. BT's renewed focus on optimisation, strengthening networks and driving consumer growth makes it well placed to consolidate its position as a leading global telecom company that delivers long-term value for investors," Mittal said.
In August this year, Mittal's conglomerate had announced it will buy 24.5 per cent stake in BT Group for about $4 billion to become the single largest shareholder in Britain's biggest broadband and mobile company.
Bharti Global, the international investment arm of Bharti Enterprises, will buy a 9.99 per cent stake in BT Group from Patrick Drahi's Altice immediately and purchase the remainder after it secures the necessary regulatory approvals, the firm had said in a statement back then.