May 26, 2022
UK government to probe Altice’s BT stake
The UK government is to examine the national security implications of French telecom group Altice's 18 per cent holding in BT, a move that comes weeks before takeover restrictions lapse. BT said on Thursday that it had received a notification that business secretary Kwasi Kwarteng was exercising his "Call-in power" under the new National Security and Investment Act to examine December's increase in the French company's stake. Altice, controlled by billionaire Patrick Drahi, announced in December that it was increasing its stake in BT from 12 per cent to 18 per cent, worth over £3bn. In a statement, the UK government said that it "Has powers under the National Security and Investment Act 2021 to scrutinise and - if necessary - intervene in qualifying acquisitions on national security grounds." It added: "The business secretary has decided to call in the acquisition of 6 per cent shares by Altice of BT for a full national security assessment." "BT is highly sensitive in national security terms - it does work for a government that it is not allowed to talk about, as well as being crucial for network resilience. I would not expect the government to allow a full takeover or control to pass to a foreign investor."
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