Altice UK has increased its stake in BT Group, purchasing an additional 650 million shares for around £961 million ($1.20 billion). This brings Altice’s total ownership of BT to 24.5% of the company’s issued share capital, worth around £3.60 billion. Altice has restated its position to the board of BT that it does not plan to make an offer for the company, and will be bound by that statement under U.K. takeover rules. This move is a sign of Altice’s commitment to the telecommunications and mass media industry, and its confidence in BT’s future.
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