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Prices & Quotes - UK Markets - BT Group (BT.A)

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Share Price:
Up 184.75p
Change Today:
2.65p
Market Cap:
18,324m
Sector:
Fixed Line Telecommunications

Dealmaker Patrick Drahi buys 12.1% stake in BT

By Sean Farrell

Date: Thursday 10 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Patrick Drahi, a multibillionaire telecoms dealmaker, has bought a 12.1% stake in BT to capitalise on the company's involvement in the rollout of faster broadband in the UK.
Drahi has bought 1.2 billion BT shares through Altice UK, which he wholly owns. Altice is Drahi's telecoms group and Altice UK is separate from other companies in the group.

Based on Wednesday's closing share price, Drahi's stake in BT would be valued at about 2.2bn.

In a statement, Altice said Drahi holds BT's management in high regard and does not intend to make a takeover offer. It said BT's attraction was its role in delivering full fibre, gigabit-capable broadband in the UK.

BT owns Openreach, which controls and is upgrading most of the UK's broadband network. Other broadband operators such as Sky and TalkTalk, rely on Openreach's network. In March, Ofcom, the UK's telecoms regulator, announced a package of incentives which BT said was the green light to "build like fury" to upgrade the network.

Drahi is estimated to be worth $13.5bn and he owns Sotheby's the auctioneers alongside his telecoms assets. Altice has built telecoms networks in the US, France, Portugal and Israel.

Drahi said: "BT has a significant opportunity to upgrade and extend its full-fibre broadband network to bring substantial benefits to millions of households across the UK. We fully support the management's strategy to deliver on this opportunity.

"Altice has a long and highly successful record of effectively operating national fibre and mobile networks in a number of countries, serving over 40 million customers.

"Our approach is to combine high levels of technical expertise, resilience and operating efficiency with a strong focus on innovation and customer service. Altice has brought an entrepreneurial culture, energy and effectiveness to building its networks and operations."

BT said: "BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy. We welcome all investors who recognise 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."

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BT Group Market Data

Currency UK Pounds
Price 184.75p
Change Today 2.65p
52 Week High 205.60p
52 Week Low 97.86p
Volume 12,932,452
Shares Issued 9,918m
Market Cap 18,324m

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What The Brokers Say

Strong Buy 11
Buy 0
Neutral 4
Sell 2
Strong Sell 4
Total 21
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

BT Group Dividends

  Latest Previous
  Interim Final
Ex-Div 24-Dec-19 08-Aug-19
Paid 03-Feb-20 09-Sep-19
Amount 4.62p 10.78p

Trades for 23-Jul-2021

Time Volume / Share Price
16:37 34,434 @ 184.75p
16:37 14,566 @ 184.75p
16:35 6,250,666 @ 184.75p
16:29 45 @ 185.85p
16:29 1,491 @ 185.85p

BT Group Key Personnel

CFO Simon Lowth
Chair Jan du Plessis
CEO Philip Jansen