Bharti Global plans to buy 25% of British Telecom

Bharti Global, via its subsidiary Bharti Televentures UK Ltd., will buy a 24.5% share in British Telecom Group. The agreement calls for the purchase of 9.99% immediately and 14.51% after regulatory clearance. "Today marks a significant milestone in BT's history as we invest in BT - an iconic British company," said Sunil Bharti Mittal.

“Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21% stake along with 2 board seats in Airtel from 1997-2001. Today marks a significant milestone in BT’s history as we invest in BT - an iconic British company. This investment aims to support the commitment of our Prime Minister towards his vision in elevating and broadening India-UK ties,” said Sunil Bharti Mittal, Chairman, Bharti Enterprises.

Barclays Bank served as the sole financial advisor, while Linklaters LLP acted as legal advisor to Bharti Global for the transaction. Bharti hopes this investment will help create new synergies in the sector between both countries in the areas of AI and 5G R&D and core engineering among others, offering potential to collaborate on industry best practices and emerging technologies.

 Shravin Bharti Mittal, Managing Director of Bharti Global, said BT’s potential for leadership in the telecom sector, especially in home broadband services, will help the telco. This development aligns with the UK-India Technology Security Initiative, announced during the recent visit of UK foreign secretary Rt. Hon David Lammy to India, which aims to expand collaboration in emerging technologies across priority sectors, including telecom.

Allison Kirkby, CEO, British Telecom, said “We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy.” With this, Bharti Enterprises joins the league of Indian companies acquiring firms in the UK, alongside prominent groups like Tata, Mahindra & Mahindra, Welspun, and TVS.