By Kyle Morris

 

Altice UK said Tuesday that it has acquired 585 million shares in BT Group PLC, increasing its stake to around 18% of the British telecommunications provider's issued share capital.

BT Group said it is aware that Altice UK has increased its interest in it to 18.0% from 12.1%.

"The board and management of BT Group will continue to operate the business in the interest of all shareholders and remains focussed on the successful execution of its strategy and building on recent performance momentum," it said.

Altice UK has told the BT board that it doesn't plan to make an offer for BT.

"We are pleased to take this opportunity to increase our shareholding in BT. Over recent months we have engaged constructively with the board and management of BT and look forward to continuing that dialogue. We continue to hold them in high regard and remain fully supportive of their strategy, principally to play the pivotal role in delivering the expansion of access to a full fiber broadband network; an investment program which is so important to both BT and to the U.K.," Altice UK owner Patrick Drahi said.

Altice previously owned 12.1% of BT.

 

Write to Kyle Morris at kyle.morris@dowjones.com

 

(END) Dow Jones Newswires

December 14, 2021 02:34 ET (07:34 GMT)

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