Dealmaker Patrick Drahi buys 12.1% stake in BT

by | Jun 10, 2021

Patrick Drahi, a multibillionaire telecoms dealmaker, has bought a 12.1% stake in BT to capitalise on the company’s involvement in the rollout of faster broadband in the UK.
Drahi has bought 1.2 billion BT shares through Altice UK, which he wholly owns. Altice is Drahi’s telecoms group and Altice UK is separate from other companies in the group.

Based on Wednesday’s closing share price, Drahi’s stake in BT would be valued at about £2.2bn.

In a statement, Altice said Drahi holds BT’s management in high regard and does not intend to make a takeover offer. It said BT’s attraction was its role in delivering full fibre, gigabit-capable broadband in the UK.

Drahi is estimated to be worth $13.5bn and he owns Sotheby’s the auctioneers alongside his telecoms assets. Altice has built telecoms networks in the US, France, Portugal and Israel.

Drahi said: “BT has a significant opportunity to upgrade and extend its full-fibre broadband network to bring substantial benefits to millions of households across the UK. We fully support the management’s strategy to deliver on this opportunity.

“Altice has a long and highly successful record of effectively operating national fibre and mobile networks in a number of countries, serving over 40 million customers.

“Our approach is to combine high levels of technical expertise, resilience and operating efficiency with a strong focus on innovation and customer service. Altice has brought an entrepreneurial culture, energy and effectiveness to building its networks and operations.”

BT said: “BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy. We welcome all investors who recognise the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan.”

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x