Patrick Drahi Sells 24.5% Stake in BT Group to Bharti Global

Debt-laden media tycoon Patrick Drahi has sold a 24.5% stake in BT Group to Bharti Global, the international investment arm of India’s Bharti Enterprises, making Bharti BT’s largest shareholder.

The deal, which led to a 6.5% rise in BT’s shares to 139p, will occur in two phases. Bharti Global will initially acquire a 9.99% stake, with the remaining 14.51% pending regulatory approval. Bharti has also sought clearance under the UK’s National Security and Investment Act and stated it has no intention of pursuing a full takeover.

Drahi, who invested in BT in 2021 through Altice UK, has been under pressure from bondholders due to Altice’s substantial $60 billion debt. The sale to Bharti Global is part of Drahi’s broader strategy to offload assets and generate cash.

Bharti Enterprises, chaired by Sunil Bharti Mittal, has a diverse portfolio that includes telecoms and digital infrastructure, with Bharti Airtel as a flagship company. Mittal expressed confidence in BT’s assets and management, committing to support BT’s long-term strategy.

BT CEO Allison Kirkby welcomed the investment, viewing it as a strong endorsement of BT’s future and ongoing strategy. The deal also highlights Bharti Global’s growing interest in the UK telecom sector while providing Drahi with financial relief amid Altice’s debt challenges.