Sunday, June 23, 2024

Patrick Drahi's Altice raises stake in BT to nearly 25%


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Patrick Drahi’s Telecoms Investment Group has boosted its stake in BT to almost 25 per cent after the UK conglomerate announced its most radical cost-cutting campaign in decades.

Altice UK, a vehicle controlled by billionaire Drahi, said on Tuesday it has increased its stake in the former UK monopoly from 18 per cent to 24.5 per cent.

In a short statement, Altice UK reiterated that it had no plans to make an offer for BT, whose share price fell last week following mixed results but remains up more than 30 per cent this year.

Drahi’s investment vehicle had first bought a 12 per cent stake in BT in June 2021, rising to 18 per cent later that year.

The UK government last year “invited” investment under its new national security law to investigate its security implications, but in August decided to take no further action.