UK WILL NOT TAKE ACTION ON DRAHI’S STAKE IN BT
LONDON (Archyde.com) – Patrick Drahi, the founder of Altice, will not be forced to reduce his stake in BT Group after the British government ruled that the investment did not pose a national security concern.
The Franco-Israeli businessman, majority shareholder of BT, acquired in 2021 a 12.1% stake in the capital of the historic operator in Great Britain, before increasing his stake to 18%.
This investment in the former British telecom monopoly, at the origin of the country’s fiber optic network, a strategic stake, provoked a brutal response from Great Britain, which announced in May the opening of an official inquiry into the national security implications.
“BT Group has been advised by the Secretary of State that no further action will be taken,” BT said in a statement, referring to Altice, Patrick Drahi’s investment vehicle.
The announcement of a government investigation caused BT shares to fall in May. A national security law, which came into effect earlier this year, gives the government the power to review and, if necessary, intervene in acquisitions.
(Report Kate Holton; French version Kate Entringer, edited by Jean-Michel Bélot)