Business

BT says UK taking no further action on Altice stake

BT says the UK government will take no further action on French group Altice’s move to increase its stake in the former British telecoms monopoly following review of a security law. nation.

UK Government this year checked the security implications of the 18% held by Altice, the investment vehicle is controlled by billionaire Patrick Drahi. Altice has increased its BT stake from 12%.

UK decides Drahi will not have to reduce or sell its shares in BTBritish telecom group said on Tuesday.

Speculation about Drahi’s intentions has grown since he first spent £2 billion buying shares last June. He did debt fuel purchases of companies in France, Portugal and the United States in the past.

The National Security and Investment Act, which went into effect last year, gives the secretary of state the power to call for transactions that they “reasonably suspect create or may create a risk to national security,” according to a business ministry document.

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