Altice UK, a business wholly owned by telecoms entrepreneur Patrick Drahi, has acquired a 12.1 per cent equity stake in BT Group for a reported £2 billion (€2.3bn).
Responding to a ‘Holdings in Company’ announcement following the acquisition, BT issued a statement regarding the investment.
“BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy. We welcome all investors who recognise the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan,” the statement said.
“Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said in its own statement, adding: “Altice UK has informed the BT board that it does not intend to make a takeover offer for BT”.