Jun 10, 2021
Altice buys £2bn stake in BT
Altice, the telecoms investor controlled by billionaire Patrick Drahi, has taken a 12.1 per cent stake in BT, worth £2bn, in a move aimed at backing the UK telecoms company's fibre push. Altice bought the shares this week through banks but only informed BT's management on Wednesday that it had become the largest shareholder in the company. Deutsche Telekom owns a 12 per cent stake in BT. Drahi believes that BT is best placed to take advantage of the huge investment in upgrading Britain's broadband networks to full-fibre that is not reflected in its share price. The move comes as BT searches for a chair to replace Jan du Plessis who is due to step down in the summer after a boardroom fracas. "We welcome all investors who recognise the long-term value of our business and the important role it plays in the UK," BT said in a statement on Thursday.
Make a complaint about BT by viewing their customer service contacts.