By Ian Walker
Altice UK SARL, a company owned by Patrick Drahi, said Thursday that it has bought a 12.1% shareholding in BT Group PLC, but doesn't plan to make an offer for the U.K. telecommunications company.
Altice UK said it holds the board and management team of BT in high regard and is supportive of their strategy.
The company said that BT has a compelling opportunity to deliver on the U.K. government's full-fiber, gigabit-capable broadband network expansion.
Altice UK owns 1.2 billion shares in BT that are valued at 2.20 billion pounds ($3.11 billion), based on BT's closing price of 183.15 pence Wednesday.
BT said that it welcomes all investors who recognize the long-term value of its business and the role it plays in the U.K. "We are making good progress in delivering our strategy and plan," BT added.
Write to Ian Walker at email@example.com
(END) Dow Jones Newswires