French telecoms group Altice has acquired a 12.1% stake in BT, making it the company’s largest shareholder. The purchase was made through a UK subsidiary established by Altice, which is controlled by billionaire Patrick Drahi.
Altice UK has stressed that, despite the sizeable holding, it does not intend to launch a takeover bid for the UK’s largest telecoms operator. Instead, the company says its investment reflects a strategic view of the opportunity presented by BT’s nationwide full-fibre rollout.
Altice noted that it sees the UK as an attractive environment for long-term investment, supported by a regulatory framework that provides the right incentives for major infrastructure projects. The firm described BT’s full-fibre expansion as a “compelling opportunity” to help deliver gigabit-capable broadband across the country.
BT has pledged to invest heavily in fibre. In March, the company announced a commitment of £12 billion and said it would “build like fury” to extend availability of Fibre-to-the-Premises (FTTP) after industry regulator Ofcom declined to impose a price cap on FTTP connections. That regulatory stance was cited by Altice as reinforcing the case for their investment.
The renewed appetite for investment in the UK follows a stronger-than-expected economic rebound from the COVID-19 pandemic and a fast vaccine rollout. Higher economic momentum has drawn international investors and supported confidence in long-term infrastructure projects.
Commenting on the UK recovery, Bank of England chief economist Andy Haldane recently told LBC’s Nick Ferrari at Breakfast that growth across the UK is accelerating rapidly and outpacing most other major advanced economies—an upbeat signal for investors and policymakers alike.
Expanding full-fibre broadband was a central pledge of Prime Minister Johnson’s government. Although the pandemic disrupted progress, policymakers and industry are now reviving those plans as part of efforts to “build back better” and strengthen national digital infrastructure.
In a statement, Altice said: “Altice UK has made this significant investment in BT as it believes that it has a compelling opportunity to deliver one of the UK government’s most important policies, namely the substantial expansion of access to a full-fibre, gigabit-capable broadband network throughout the UK.”
Altice’s move positions it to play a role in the coming years of fibre deployment while keeping a hands-off stance on control of BT. The company’s investment underscores broader trends within the telecoms sector as firms and investors focus on large-scale infrastructure that can support faster, more reliable broadband connectivity nationwide.
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