Carlos Slim made his billions as the overseer of Mexico’s largest commercial telecom service providers. Now, Slim has acquired a minority stake in Britain’s largest telecom, BT Group.
In a regulatory filing this week, BT revealed Slim acquired a 3.16 percent stake in the company worth around £400 million (about U.S. $511 million). The holding was acquired through Slim’s financial company, Inbursa.
“We have frequent communication with all of our shareholders and meet with major investors on a regular basis,” a spokesperson for BT Group said in a statement. “We look forward to engaging with Inbursa, just as we do with all investors.”
Slim is the latest foreign telecom owner to take a position in BT Group in recent times. Several years ago, Altice founder and controlling shareholder Patrick Drahi acquired a 12 percent stake in BT Group.
The position acquired by Slim is considered a nod of approval for BT Group’s newest chief executive, Allison Kirkby, who announced a turnaround plan for the company earlier this year that sent BT Group’s stock up 10 percent.
BT Group has a presence in more than 180 countries around the world, including the United Kingdom. There, it is the largest provider of fixed-line telephone service, broadband Internet and wireless phone and data. It also offers a subscription television product and information technology services.
BT Group’s domestic wireless service provider, EE, counts more than 25 million customers across the United Kingdom.
Carlos Slim was considered the “world’s richest man” by Forbes Magazine between 2010 to 2013.
