Altice buys 12. 1% stake in Britain's biggest telecoms operator

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Altice buys 12. 1% stake in Britain's biggest telecoms operator

BT Group announced on Thursday that it had bought a 12.1% stake in Britain's Altice Group and became its largest shareholder.

Altice UK holds the board and management team of BT in high regard and is supportive of their strategy, said Altice UK, a company formed for the purpose of holding the BT stake in a statement.

Altice UK has informed the BT board that it does not intend to make a takeover offer for BT.

The stake was worth about 2.2 billion pounds based on the closing price of BT on Wednesday.

Britain's biggest broadband operator has set out plans to expand fibre broadband by 2026 to 25 million homes and businesses, and it is seeking a partner to help fund the work.

It may also consider selling a stake in its sports TV business.

BT noted Altice's announcement and its statement of support for its management and strategy.

We welcome all investors who recognise the important value of our business and the long-term role BT has played in the UK, BT said.

We are making good progress towards delivering our strategy and plan.

So far, Orange's SFR is the second largest telecoms operator in France behind Altice.

Drahi, the billionaire founder of the group, recently took it private with a buyout deal.

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