India's Bharti to buy Drahi's stake in BT, worth $4 billion

India's Bharti Enterprises said it would acquire a 24.5% stake in BT, worth about 3.2 billion pounds ($4 billion), buying out the British company's top investor, telecoms tycoon Patrick Drahi, as his Altice group struggles with high debts.

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 Britain's biggest broadband and mobile company.

The Indian company said it would buy an initial 9.99% stake before seeking to add the remaining 14.51% following regulatory approvals. It is voluntarily applying for clearance under the UK National Security and Investment Act.

Bharti said it supported BT's executive team and strategy as the group pushed forward with an "ambitious" transformation programme to deliver long-term sustainable growth.

Shares in BT were up 6% to 139 pence in early trading.

Drahi first bought into BT in 2021, but his Altice group has come under mounting pressure to sell assets to cut debts of as much as $60 billion, a pile that allowed him to build his media-to-telecoms empire in an era of low interest rates.

He announced a separate deal last week for the Abu Dhabi wealth fund ADQ to buy into his Sotheby's auction house.

His purchase of one of Britain's most important assets caused alarm within the government at the time, with a spokesperson saying in 2021 it would intervene if necessary to protect the company.

BT's shares have risen by 24% in the last six months as the fruits of its long-term investment plan to build the country's fibre network start to materialise.

Mexican magnate Carlos Slim bought a 3.2% stake in June this year, a boost for Allison Kirkby who took over as BT's CEO in February.

"This scale of investment from