Bharti Global is set to acquire a 24.5% share in BT Group from Altice UK, making it the majority shareholder in the British telecommunications firm.

The international investment arm of Bharti Enterprises announced that the shares are to be purchased through Bharti Televentures UK, a company established and wholly owned by Bharti Global.

As of Friday evening, the value of Altice's 24.5% stake in BT was worth £3.2bn, according to the FT.

As part of the deal, 9.99% of these shares will be transferred initially, with the remaining 14.51% being transferred following receipt of applicable regulatory clearances.

Between 1997 and 2001, BT was a minority shareholder in Bharti Airtel.

Bharti stated that it has no intention of making an acquisition offer for BT, adding that the investment is a "vote of confidence in the UK as a global destination for investment", building on its "significant record of long-term investments across the UK and longstanding familiarity with BT’s business".

Chair of Bharti Enterprises, Sunil Bharti Mittal, said: "This investment demonstrates the confidence we have in BT and in the UK. BT has a strong portfolio of market leading brands, high-quality assets and an experienced management team with a compelling strategy mandated by the BT Board to deliver value over the long term, which we fully support.

"BT is playing a vital role to expand access to full-fibre broadband infrastructure for millions of people across the UK. Its focus on strengthening its networks, driving consumer growth, and optimising every aspect of its business makes it well-placed to consolidate its position as a leading global telecoms company.

"Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation, and operational efficiency at the heart of its business."

Head of money and markets at Hargreaves Lansdown, Susannah Streeter, added: "This is a confidence boosting move, with Bharti Global clearly confident that there is long-term untapped value in the group. It clearly sees great potential in Openreach, which is responsible for maintaining and building out the new fibre networks. It hopes to reach 25 million premises by 2026 and looks well on track to do that.

"It’s also likely to have been encouraged by indications that the cost of building 5G infrastructure may have peaked, and once new customers are moved over to the new networks, there is the potential for lower running costs."

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