Altice, the telecommunications investor controlled by billionaire Patrick Drahi, has taken a 12.1% stake in BT worth £ 2 billion, in a move aimed at supporting the British telecommunications company’s fiber boost .
The acquiring company, which has acquired telecommunications networks in France, Israel, Portugal and the United States, has established a British company separate from its main operations to make the investment in BT.
He said he had no intention of making an offer for the British company, meaning that, according to the acquisition code, he could not make an unwanted purchase offer for six months without the approval of BT’s management. .
Altice bought the shares this week through banks, but reported only the management of BT Wednesday which had become the company’s largest shareholder. Deutsche Telekom holds a 12% stake in BT.
Drahi believes that BT is the best place to profit from huge investment in it upgrade of British broadband networks to full fiber which is not reflected in its stock price.
“BT has a significant opportunity to upgrade and expand its healthy fiber broadband network to bring substantial benefits to millions of households in the UK,” Drahi said. “We fully support the management strategy to seize this opportunity.”
Philip Jansen, CEO of BT, said the company needs it long-term investors while undertaking a heavy capital network upgrade.
Altice’s investment also came when BT was looking for a chair to replace Jan du Plessis, who is due to resignation the summer following a failed meeting room.
“We welcome all investors who recognize the long-term value of our company and the important role it plays in the UK,” BT said in a statement Thursday. “We are making good progress in delivering our strategy and our plan.”
Altice he dismissed his actions in Amsterdam last year after arguing that they were undervalued.