UK approves Indian group Bharti's purchase of 24.5% stake in BT

LONDON (Reuters) - The British government on Monday approved Indian group Bharti Global’s purchase of a 24.5% stake in London-listed BT, following a detailed national security assessment and assurances from the telecoms company. 

 

The purchase of the shares, worth 3.2 billion pounds, was made from the previous top investor, Patrick Drahi’s Altice, under the terms set out by Bharti Global - the investment arm of Indian conglomerate Bharti Enterprises - in August.

 

BT will establish a national security committee within the company to oversee "strategic work that it performs which has an impact on or is in respect of the national security" of the country, the government said in a statement.

 

The government said the proposed measure would mitigate the risk to national security given BT’s role in supporting state initiatives in the telecommunications sector and in ensuring the country’s cyber security.

 

BT also acts as a strategic supplier of services to many parts of the government, including services which are in support of UK national security, the statement added.

 

In the August statement, Bharti said it had no intention of making an offer to buy the whole company.

 

(Reporting by Muvija M; Editing by Chris Reese)