UK government confirms it will take no action over Altice’s stake in BT

24 Aug 2022

With the acquisition of 5.9% of BT shares by Altice UK having been ‘called in’ for a full national security assessment by Business Secretary Kwasi Kwarteng in May 2022, the government has now announced that it has decided to take no further action over the transaction. In a press release the Department for Business, Energy & Industrial Strategy (DBEIS) said that following ‘careful consideration’ it had issued a final notice to the parties involved confirming its final decision.

As previously reported by CommsUpdate, in December 2021 Altice UK – a company formed by Franco-Israeli businessman Patrick Drahi for the purpose of holding a stake in BT – increased its interest in BT’s voting share capital from 12.1% to 18.0%. Prior to that, Altice UK Altice had announced its acquisition of a 12.1% holding in the British communications provider in June 2021, becoming its largest shareholder in the process; at the time of the announcement the stake was reported to be valued at around GBP2.2 billion (USD2.6 billion).

United Kingdom, Altice UK, BT Group (incl. Openreach), Next Alt