Billionaire Drahi Tightens Grip on BT, Building Stake to 25%
- Altice UK added 650 million shares, valued at £962 million
- Drahi doesn’t intend to make an offer for the entire company
Patrick Drahi
Photographer: Stephane de Sakutin/AFP/Getty Images
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Billionaire Patrick Drahi increased his stake in BT Group Plc to 24.5%, giving him double the holding of the next-biggest investor and increasing his control over the UK telecommunications giant.
Altice UK doesn’t intend to make an offer for all of BT, Drahi’s investment vehicle said in a statement on Tuesday, which begins a six-month commitment under UK takeover rules. Drahi added 650 million shares, which is worth about £962 million ($1.2 billion) at the average share price over the last three months and ups his holding from 18%.