LONDON/PARIS (Reuters) -Billionaire Patrick Drahi’s Altice Group has bought a 12.1% stake worth about 2.2 billion pounds ($3.1 billion) in Britain’s BT Group, becoming its largest shareholder.
“Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said.
The stake puts Altice ahead of Deutsche Telekom, which owned 12.06% of BT based on recent filings, Refinitiv data shows.
“Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” it added.
We are making good progress in delivering our strategy and plan,” BT said in a statement following Altice UK’s announcement.
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