LONDON, Aug 12 Reuters India39;s Bharti Enterprises said it would acquire a 24.5 stake in BT Group, buying out the British company39;s top shareholder, Altice UK, the vehicle of Telecoms tycoon Patrick Drahi.

Bharti said in a statement on Monday that it had no intention of making an offer to acquire the whole of BT, the former state monopoly which is Britain39;s biggest broadband and mobile company.

Drahi first bought into BT in 2021 but his wider group is now struggling with high debt levels.

The Indian company said it would acquire an initial 9.99 stake before seeking to acquire the remaining 14.51 following regulatory approvals, including voluntarily applying for clearance under the UK National Security and Investment Act.

This investment demonstrates the confidence we have in BT and in the UK, Bharti Enterprises Chair Sunil Bharti Mittal said in the statement.

Reporting by Sarah Young in London and Yadarisa Shabong in Bengaluru; Editing by Sonia Cheema and Kate Holton

Source Reuters