Sunil Bharti Mittal, chairman of Indian telecom sector giant Bharti Airtel, is now going to make a big deal in Britain. This will help in increasing the company’s dominance in the UK. According to the report, Bharti Enterprises is buying a stake in British telecom company BT Group and this deal is worth about $ 4 billion or more than Rs 33,578 crore.
Company will buy 24.5% stake in BT Group
According to Reuters report, British Telecom i.e. BT Group is Britain’s largest broadband and mobile company and through this $4 billion deal, Indian billionaire Sunil Bharti Mittal’s group is buying 24.5 percent stake. It said that Bharti Enterprises’ global investment unit Bharti Global will immediately purchase 9.99 per cent stake in BT Group from Patrick Drahi’s Altais, while the remaining stake will be acquired after getting approval from the regulator. This may take about five months.
Bharti Enterprises is the owner of the Bharti Airtel brand, which provides services in 17 countries in South Asia and Africa. On the other hand, according to London Stock Exchange, British Telecom is the largest telecom company in the country and its market capitalization is 16.6 billion dollars.
Altais ready to exit BT Group
According to the report, investment group Altais controlled by billionaire Drahi is exiting Britain’s BT Group and for this it is selling its entire stake. Altais had bought a stake in British Telecom in the year 2021 and increased its stake holding to 24.5 percent. Now Sunil Bharti Mittal’s Bharti Enterprises has signed a deal to acquire this stake of BT Group from Altais UK.
Impact of deal may be visible on shares
After the news of the deal with the Indian telecom giant, BT Group’s shares closed with a strong rise. BT Group Share had closed with a gain of 7.36 percent on the last trading day. So, a big impact can be seen on the shares of Bharti Airtel today. However, on the last trading day on Monday, amidst huge fluctuations in the stock market, Bharti Airtel Share closed with a slight fall at Rs 1,463.40. Now the effect of this deal is expected to be visible on the shares of the company.
(Note- Before making any investment in the stock market, definitely take advice from your market experts.)