Altice UK Buys 12.1% of BT Group but Doesn't Plan Takeover
10 June 2021 - 4:38PM
Dow Jones News
By Ian Walker
Altice UK SARL, a company owned by Patrick Drahi, said Thursday
that it has bought a 12.1% shareholding in BT Group PLC, but
doesn't plan to make an offer for the U.K. telecommunications
company.
Altice UK said it holds the board and management team of BT in
high regard and is supportive of their strategy.
The company said that BT has a compelling opportunity to deliver
on the U.K. government's full-fiber, gigabit-capable broadband
network expansion.
Altice UK owns 1.2 billion shares in BT that are valued at 2.20
billion pounds ($3.11 billion), based on BT's closing price of
183.15 pence Wednesday.
BT said that it welcomes all investors who recognize the
long-term value of its business and the role it plays in the U.K.
"We are making good progress in delivering our strategy and plan,"
BT added.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 10, 2021 02:34 ET (06:34 GMT)
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