LONDON: Billionaire telecommunications investor Patrick Drahi is not pushing BT to sell a stake in its Openreach network arm and like other top investors believe that a partner may not be required to build fiber optics, a person familiar with the situation told Reuters .
Drahi’s surprising announcement that he controls 12.1% of BT, making him the largest shareholder, sparked speculation that he would push for a stake sale or spin-off from Openreach, and came less than a month after BT came up with a plan Finding a partner had set up to help build part of its new fiber optic network.
But the person, who spoke on condition of anonymity, said the separation of Openreach from the rest of the company would prove to be a major distraction during a fiber optic build and that some of the largest shareholders didn’t think a joint venture partner was necessary unless it was , they could access cheaper capital.
Drahis Altice and BT declined to comment.
Drahi, a Franco-Israeli businessman, surprised investors earlier this month when he announced he controls an approximately £ 2.2 billion stake in BT, propelling the UK company’s shares to 17-month highs Has.
The telecommunications billionaire met with BT management in London last week, two sources said. He privately confirmed what he had said in public: He supported billions in spending to build the fiber optic and 5G networks that Britain needs to increase productivity.
The first source said Drahi was fully affiliated with BT’s other major shareholder, Deutsche Telekom.
