Bharti Global, the international investment arm of Bharti Enterprises, has decided to buy 24.5 per cent equity in BT Group- a move that will make the Indian conglomerate the biggest shareholder in the UK's second-largest telecom company both in terms of market value and subscriber count.
The shares are being purchased from billionaire Patrick Drahi's Altice UK through a combination of cash and debt.
Though the financial details were not disclosed, Bharti Enterprises Chairman Sunil Bharti Mittal, during a virtual press conference on Monday, said the approximate deal size could be reached according to BT's stock price.
That works out to about $4 billion, given that BT Group is valued at $16.6 billion on the London Stock Exchange. Shravan Mittal, managing director of Bharti Global, joined his father at the media interaction.
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