Altice becomes Largest Shareholder of BT Group with 12.1% Stake
Altice Group said on Thursday that it took a 12.1% stake in Britain's BT Group, having effectively become its largest shareholder. The stake was worth around 2.2 billion pounds based on BT's closing price on Wednesday.
"Altice holds the Board and Management team of BT in high regard and is supportive of their strategy. Altice UK has informed the BT Board that it does not intend to make a takeover offer for BT”, Altice UK - a company formed to hold the BT stake said.
BT has set out plans to extend fibre broadband to 25 million homes and businesses by 2026, and it is seeking a partner to help fund the work. It is also considering selling a stake in its sports TV operation.
"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”, Britain's largest broadband and mobile operator commented.
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