Altice has acquired a 12.1 percent stake in BT, equal to 1.2 billion shares. The new investor said it supports BT's strategy and management and does not plan a full takeover bid for the UK operator.
The investment was made by Altice UK, a company established and wholly owned by Altice's founder Patrick Drahi. It is separate from the other Altice companies, but is expected to benefit from their expertise, Altice said.
The company said it made the investment in BT to support the delivery of a full-fibre network throughout the UK, "one of the UK government's most important policies". It added that "the UK provides a sound environment for substantial long-term investment", with the current regulatory framework giving BT the appropriate incentives to make the necessary investments.
BT issued a short statement acknowledging the investment and Altice's support. "We welcome all investors who recognize the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan," the company said.
