An Indian global conglomerate has agreed to buy almost a quarter of BT, Britain’s biggest telecoms group, from the debt-laden media tycoon Patrick Drahi.
Bharti Global, the international investment arm of Bharti Enterprises, has agreed to acquire 24.5 per cent of the British telecoms company from Drahi’s Altice UK, making it the largest shareholder in the FTSE 100 company.
The Indian company said it had no intention of making an offer to acquire BT under the City takeover code. However, shares in BT rallied 6 per cent, or 7¾p, to 138½p, on the London Stock Exchange on Monday morning, extending gains over the past 12 months to more than 20 per cent.
City analysts said the deal helped reduce an overhang on BT’s shares, with