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UK approves Indian group Bharti’s purchase of 24.5% stake in BT
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LONDON (Reuters) -The British government on Monday approved Indian group Bharti Global’s purchase of a 24.5% stake in London-listed BT, following a detailed national security assessment and assurances from the telecoms company.
LONDON (Reuters) -The British government on Monday approved Indian group Bharti Global’s purchase of a 24.5% stake in London-listed BT, following a detailed national security assessment and assurances from the telecoms company.
The purchase of the shares, worth 3.2 billion pounds, was made from the previous top investor, Patrick Drahi’s Altice, under the terms set out by Bharti Global – the investment arm of Indian conglomerate Bharti Enterprises – in August.
BT will establish a national security committee within the company to oversee “strategic work that it performs which has an impact on or is in respect of the national security” of the country, the government said in a statement.
The government said the proposed measure would mitigate the risk to national security given BT’s role in supporting state initiatives in the telecommunications sector and in ensuring the country’s cyber security.
BT also acts as a strategic supplier of services to many parts of the government, including services which are in support of UK national security, the statement added.
In the August statement, Bharti said it had no intention of making an offer to buy the whole company.
(Reporting by Muvija M; Editing by Chris Reese)
Foreign investment refers to the investment made by individuals or entities in assets or businesses located in another country. It can take the form of direct investment, such as acquiring a stake in a foreign company, or portfolio investment, such as purchasing stocks or bonds.
National security is the protection of a nation's borders, interests, and citizens from external threats. It encompasses military, economic, and cybersecurity measures to ensure the safety and stability of a country.
Cybersecurity involves protecting computer systems, networks, and data from theft, damage, or unauthorized access. It includes measures to safeguard sensitive information and ensure the integrity of digital infrastructure.
A telecommunications company provides services related to communication over distances, including telephone, internet, and broadcasting services. These companies play a crucial role in connecting people and businesses globally.
An investment stake refers to the ownership interest that an investor holds in a company or asset. It can be represented by shares of stock or other forms of equity, indicating the investor's proportionate claim on the company's assets and earnings.
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