French telecoms tycoon Patrick Drahi is looking to boost his stake in BT Group, reports Reuters. According to three unnamed sources familiar with the matter, Drahi is looking to increase his influence at the company with the hope that BT's value will be boosted by its fibre network roll-out.
Drahi-controlled Altice acquired a 12.1 percent stake in BT in June 2020, worth around GBP 2.2 billion (USD 2.95 billion). Altice UK is now the largest shareholder in BT ahead of Deutsche Telekom, which holds a 12.06 percent stake.
Deutsche Telekom CEO Tim Hoettges has previously said it was keen to review options for its BT stake. The sources told Reuters that any moves by Altice to increase its BT holding would likely involve Deutsche Telekom.
They added that this could happen at the same time as a potential Altice withdrawal from Portugal, where Altice Europe owns fixed and mobile services provider Meo.
