BNP, Morgan Stanley Advised Drahi on $3 Billion BT Stake Buy
- Billionaire investor’s Altice bought a 12% stake in U.K. telco
- Altice became largest shareholder in BT with the investment
Patrick Drahi
Photographer: Ivan Guilbert/Bloomberg
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BNP Paribas SA and Morgan Stanley helped advise and fund billionaire Patrick Drahi’s purchase of a 12% stake in U.K. telecommunications operator BT Group Plc, according to people familiar with the matter.
The roughly 2.2 billion-pound ($3.1 billion) purchase, made via Drahi’s newly-created company Altice UK and revealed on Thursday, was financed with the use of derivative instruments, the people said. Other banks were involved in helping to arrange the purchase, one of the people said, asking not to be identified as the matter is private.