Sunil Bharti Mittal Announces Bharti Global’s Major Stake in BT Group
New Delhi, India – August 12: Sunil Bharti Mittal, Chairman of Bharti Enterprises, announced that Bharti Global has acquired a 24.5% stake in BT Group from Altice UK, making them the single largest shareholder in the company.
Mittal stated, “This 24.5% block makes us the single largest shareholder in this iconic company. This is a very large block, similar to strategic blocks seen in the past.”
Timotheus Hottges, CEO of Deutsche Telekom, which holds a 12% stake in BT, commented, “We see this as a positive step for BT. We have a long and good working relationship with Bharti and look forward to working together on the Board of Directors for the benefit of BT shareholders and customers.”
Mittal did not disclose the size of the buyout but mentioned that it is an attractive investment as UK and European telecom companies are trading at low multiples. He emphasized that the investment will not directly impact Bharti’s telecom operations in India but could lead to sharing of best practices.
Regarding Bharti’s satellite broadband venture, Mittal said that approvals from the Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI) are awaited. OneWeb, in partnership with telecom companies globally, aims to provide services in areas lacking connectivity. SNPs are ready in South India and Gujarat, and satellite coverage will extend to the entire country and SAARC nations.
Mittal highlighted that Indian businesses have improved with tariff hikes, government support, and 5G launches. Bharti is now ready to make new investments after a long gap following its Africa acquisition. He mentioned that while there are no immediate plans for global expansion, it cannot be ruled out.
Mittal concluded, “Whenever Airtel makes a move, it needs to not just be an investor but an operator. In this case, we are backing BT’s management and strategy.”
Doubts Revealed
Sunil Bharti Mittal -: Sunil Bharti Mittal is a famous Indian businessman. He is the Chairman of Bharti Enterprises, which owns companies like Airtel.
Bharti Global -: Bharti Global is a part of Bharti Enterprises. It invests in businesses around the world.
BT Group -: BT Group is a big company in the UK that provides telephone and internet services.
Stake -: A stake means owning a part of a company. If you have a stake, you own some shares of that company.
Largest shareholder -: The largest shareholder is the person or company that owns the most shares in a company.
Timotheus Hottges -: Timotheus Hottges is the CEO of Deutsche Telekom, a big German company that provides phone and internet services.
Deutsche Telekom -: Deutsche Telekom is a large company in Germany that offers telephone and internet services.
Satellite broadband venture -: A satellite broadband venture is a project to provide internet services using satellites in space.
Global expansion -: Global expansion means a company is planning to grow and operate in more countries around the world.
