© Reuters. FILE PHOTO: An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. REUTERS/Rafael Marchante/File Photo
(Reuters) – Patrick Drahi’s Altice Group said on Thursday that it had taken a 12.1% stake in Britain’s BT Group (LON:) becoming its largest shareholder.
“Altice holds the Board and Management team of BT in high regard and is supportive of their strategy. Altice UK has informed the BT Board that it does not intend to make a takeover offer for BT,” Altice UK, a company formed for the purpose of holding the BT stake, said in a statement.
BT, Britain’s biggest broadband and mobile operator, has set out an ambitious plan to build fibre broadband to 25 million homes and businesses by 2026, and it is seeking a partner to help fund part of the plan.
It is also considering selling a stake in its sports TV operation.
It said it noted Altice’s announcement and its statement of support for BT’s management and strategy.
“We welcome all investors who recognize the long-term value of our business and the important role it plays in the UK,” it said.
“We are making good progress in delivering our strategy and plan.”
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