SUNIL MITTAL-LED BHARTI ENTERPRISES WILL ACQUIRE 24.5% STAKE WORTH $4 BILLION IN BRITAIN'S BIGGEST BROADBAND & MOBILE COMPANY BT GROUP

Sunil Bharti Mittal-led Bharti Enterprises announced on Monday its intention to purchase a 24.5% stake in BT Group, the largest broadband and mobile provider in Britain. Bharti Enterprises said that it would acquire a stake worth about 3.2 billion pounds ($4 billion). The acquisition will involve buying out the shares held by Altice UK, the investment vehicle of telecoms entrepreneur Patrick Drahi, who is currently BT's largest shareholder.

Drahi initially invested in BT in 2021, but Altice group has been under increasing pressure to divest assets to reduce its debts, which have reached up to $60 billion, a sum that allowed him to expand his media-to-telecoms empire during a period of low interest rates.

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