Bharti Enterprises, led by Sunil Bharti Mittal, will pick up a 24.5% stake in BT Group, the UK’s largest mobile and broadband provider, the two companies announced on Monday.

Bharti Televentures UK Ltd., a group company of Bharti Enterprises, would acquire a 24.5% stake in BT Group from Altice UK. 9.99% of it would be immediately acquired and 14.51% after getting the needed regulatory approval.

Bharti Enterprises clarified that the exact deal value was not disclosed, and the funds are not connected to Bharti Airtel or its subsidiaries. Altice’s 24.5% stake in BT was valued at about £3.2 billion based on recent London Stock Exchange prices. Altice is owned by Patrick Drahi, who also owns Sotheby’s.

Mittal highlighted the long-standing relationship between Bharti and BT, dating back over two decades when BT held a 21% stake and two board seats in Bharti Airtel from 1997 to 2001. He called the investment in BT a significant milestone in Bharti Group’s history.

Mittal stated that this investment aligns with the Indian Prime Minister’s vision of strengthening India-UK ties. He emphasised Bharti’s global experience in telecom and broadband, driven by a focus on customers, digital innovation, and operational efficiency.

India and the UK are nearing the conclusion of their free-trade agreement negotiations, which began in January 2022. Both countries are also working on a bilateral investment treaty.

Bharti aims to create new synergies between India and the UK in areas like AI, 5G R&D, and core engineering, supported by the UK-India Technology Security Initiative.

BT Group’s CEO, Allison Kirkby, welcomed Bharti Global’s investment, calling it a strong vote of confidence in BT’s future and strategy. She highlighted BT’s long association with Bharti and looks forward to continued positive collaboration.

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