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Patrick Drahi’s telecoms investment group has boosted its stake in BT to nearly 25% just days after the British group announced its most sweeping cost-cutting in decades.
Altice UK, the vehicle controlled by the billionaire Drahisaid on Tuesday it had increased its stake in the former British monopoly to 24.5% from 18%.
In a brief statement, Altice UK reiterated that it had no intention of making an offer BTwhose share price fell following a string of mixed results last week, but remains up more than 30% this year.
Drahi’s investment vehicle first bought a 12% stake in BT in June 2021, increasing it to 18% that same year.
The UK government ‘called’ the investment last year to look into its security implications under the new national security law, but decided to accept it no further action in August.
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