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Bond Market News
Bharti to Acquire 24.5% Stake in BT Group
August 14, 2024
Bharti is looking to buy a 24.5% stake in BT Group Plc worth £3.2bn ($4bn). The stake will be purchased from Altice Group, which is looking at asset sales among other options to ease its debt burden. Bharti said that it had already bought a 9.99% stake but would wait for the government’s national security clearance before it buys the remaining 14.51%. The move will make Bharti a key strategic shareholder in BT, however, Bharti is not looking to buy the entire company and is supportive of BT’s current executive team. BT had earlier owned 21% stake in Bharti Airtel from 1997 to 2001.
Bharti’s 4.375% 2025s traded stable at 99.5 cents on the dollar, yielding 5%. Altice’s dollar bonds jumped higher with its 5.5% 2029s up 1.3 points to 70.6, yielding 13.6%
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