BHARTI Global, the international investment arm of India's Bharti Enterprises, is set to acquire a 24.5 per cent stake in BT Group from Altice UK.
The shares will be acquired through Bharti Televentures UK, a company established and wholly owned by Bharti Global, according to a statement released on from the company on Monday.
The statement from Bharti Global confirmed the agreement to purchase a 24.5 per cent interest in the issued share capital of BT Group plc from Altice UK.
While the size of the deal was not disclosed, market analysts estimate that based on BT's valuation of approximately £11.7 billion, the transaction could be worth around £3.1 billion.
The agreement involves Bharti Televentures UK immediately acquiring about 9.99 per cent of BT Group's issued capital, with the remaining 14.51 per cent to be acquired after receiving regulatory clearances.
Bharti Global anticipates that this investment will create new synergies between India and the UK in areas such as AI, 5G research and development, and core engineering, providing opportunities for collaboration on industry best practices and emerging technologies.
Bharti and BT have a long-standing relationship that spans more than two decades.
Sunil Bharti Mittal, Chairman of Bharti Enterprises, highlighted this history, stating, "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company."
(With inputs from PTI)
Toy Story 5 teaser brings Pixar back to its roots with new villain Lilypad shaking up the gang Youtube Screengrab 
