Drahi, who had control of an 18% stake through his subsidiary Altice UK, raised that position to 24.5% yesterday. His purchase of 650m shares cost about £960m, at BT's share price of 147.85p at the close of trading on Monday.
The move comes days after BT announced a huge restructure to become a "leaner business" that will result in the workforce being cut by as much as 55,000 by 2030.
The headcount reduction will come from a combination of natural attrition, cutting contractors at the end of the build phase of extending fibre broadband and 5G mobile networks nationwide, and a move into AI that could replace about 10,000 jobs.
This story is from the May 24, 2023 edition of The Guardian.
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This story is from the May 24, 2023 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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