British govt approves Bharti’s acquisition of 24.5% BT stake
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The British government has approved Bharti Global’s acquisition of a 24.5% stake in telecoms firm BT Group from France’s Altice.
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Following a national security assessment and assurances from BT, the government said in a statement on Monday that the acquisition had been approved "on the basis that BT will establish a National Security Committee within BT to oversee strategic work that BT performs which has an impact on or is in respect of the national security of the United Kingdom".
BT announced in August that India’s Bharti had reached an agreement to buy the stake from Patrick Drahi’s Altice.
Chief executive Allison Kirkby said at the time: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy.
"BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come."