ATUS - Altice becomes BT Group's top shareholder with $3.1B purchase

Altice (ALTCY), the French telecom giant owned by billionaire Patrick Drahi, has acquired 1.2B shares of UK incumbent telecom BT Group (BTGOF +7.8%) - a hefty chunk that makes up about 12% of issued share capital. That surprise move cost Drahi and Altice £2.2B, about $3.1B, and makes Altice the biggest shareholder in BT Group. But despite some activist history, Altice says it intends to remain a minority investor, with no eyes on a takeover, and says it holds BT management in high regard and that it intends to support the high-speed Internet rollout strategy. The move also tweaks the structure of Drahi's telecom empire, as new company Altice UK will make the BT investment in particular. His Next Alt Sarl now has ownership of five different independent entities: Altice France, Altice International, the new Altice UK, Altice USA (ATUS +1.1%) and Sotheby's auction house. The stake surpasses that owned

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Altice becomes BT Group's top shareholder with $3.1B purchase