Billionaire French entrepreneur Patrick Drahi increased his stake in BT Group Plc to 24.5% from about 18%, tightening his grip over the London-based telecom giant.
(Bloomberg) — Billionaire French entrepreneur Patrick Drahi increased his stake in BT Group Plc to 24.5% from about 18%, tightening his grip over the London-based telecom giant.
Altice UK, which added 650 million shares in the latest stock purchase, doesn’t intend to make an offer for all of BT, Drahi’s investment vehicle said in a statement on Tuesday. That begins a six-month commitment under UK takeover rules.
Read More: Billionaire Drahi’s Altice Sees BT Group as ‘Undervalued’
Drahi has been gradually increasing his stake since first announcing an investment in June 2021. The 24.5% stake gives him at least twice as big a shareholding as the company’s next biggest investor, Deutsche Telekom AG.
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