Altice UK acquires 12.1% stake in BT Group

10 Jun 2021

Altice UK has announced its acquisition of a 12.1% stake in BT Group, becoming the largest shareholder in the UK-based operator, Reuters reports. With the stake said to be worth around GBP2.2 billion (USD3.1 billion) based on the closing price of BT’s shares yesterday (9 June), the prospect of a takeover has been ruled out, however, with a statement issued by Altice UK, a company newly formed by businessman Patrick Drahi for the purpose of holding the stake in BT, specifically noting: ‘Altice UK has informed the BT Board that it does not intend to make a takeover offer for BT’.

In response to the development, BT Group issued its own statement, in which it said: ‘BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy. We welcome all investors who recognize the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan.’

United Kingdom, Altice Europe (formerly Altice Group), Altice UK, BT Group (incl. Openreach)