May 26, 2022
Billionaire’s stake in BT faces security probe
The government is to examine French billionaire Patrick Drahi's increased stake in BT over national security concerns, the telecoms giant has said. Mr Drahi's company, Altice, increased its investment from 12% to 18% in December, prompting speculation the firm could face a takeover bid. The business secretary will now probe the move using new powers under the National Security and Investment Act.BT said it would co-operate with the review. In a statement, BT said that Business Secretary Kwasi Kwarteng was exercising his "Call-in power" under the National Security and Investment Act 2021.The new legislation came into force earlier this year, giving the government powers to scrutinise, impose conditions on, or block acquisitions on national security grounds. BT is in the middle of a transformational programme to build a national broadband fibre network, a strategy crucial both to the company and the government, which says it wants to boost regional growth.
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