Proactive Investors - BT Group PLC (LON:BTA) jumped on Monday morning after announcing India’s Bharti Global will take a major stake in the FTSE 100 telecoms firm.
Altice UK, BT’s top shareholder, will sell a 24.5% stake to Bharti under the agreement, with 9.99% being transferred initially.
“We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence,” BT chief executive Allison Kirkby commented.
“BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business.
“They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come.”
Altice, owned by telecoms tycoon Patrick Drahi, first bought into BT in 2021 but has come under pressure due to high debt levels.
BT had previously been a shareholder of Bharti between 1997 and 2001, with the firm said to not be considering a wider takeover offer for the British group.
BT climbed 6.7% to 139.23p on the news.