Carlos Slim acquires stake in telecoms company BT Group

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By LatAm Reports Staff Writers

Mexican businessman Carlos Slim acquired 3.2 per cent of the stake of the British telecommunications company, BT Group PLC, worth around $510 million, about 400 million pounds.

The negotiation was conducted through the benchmark stock market index of the London Stock Exchange, FTSE 100, the City A.M. portal reported.

The statement, shared by BT, states that the voting rights were acquired by Control Empresarial de Capitales S.A. de C.V., Dominum Dirección y Gestiones S.A. de C.V., as well as by Operator Inbursa S.A. de C.V. as administrator of Inbuinter S.A. de C.V., all belonging to Slim.

City A.M. says BT’s shares rose 17 per cent in May, after it increased its dividend and cash flow glut.

CCS Insight analyst Kester Mann told City A.M that the acquisition of this stake reflects the momentum BT has taken in the market, mainly for savings measures taken from management and a refocus of BT Business, a BT Group division, which provides safety, networking and cloud services.

Bloomberg’s Multibillionaire Index ranks Slim as the 17th richest person in the world, owner of companies such as América Móvil, Grupo Carso and Cash and others.

Bloomberg estimates that by 2024, Slim’s estate amounts to $9.9 billion.

This article has been translated after first appearing in Diario El Mundo