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Carlos Slim takes 3% stake in Britain’s BT

Carlos slim

Mexican Magnate Carlos Slim Acquires 3.16% Stake in BT, Boosting Confidence in New CEO

LONDON, June 12 (Reuters) — Mexican billionaire Carlos Slim has acquired a 3.16% stake in BT (BT.L), the largest broadband and mobile operator in Britain, according to a stock market filing on Wednesday. This significant investment comes as a vote of confidence for BT’s new chief executive, Allison Kirkby.

Slim, whose family controls the telecommunications giant America Movil (AMXB.MX), made the purchase through his financial company, Inbursa, along with two other group companies. The stake, valued at approximately £408 million ($522 million) based on BT’s closing share price on Wednesday, signals strong backing for Kirkby’s strategic vision for the company.

BT shares surged over 10% last month after Kirkby outlined her ambitious plan to more than double free cash flow within the next five years, reduce costs, and potentially sell off its global enterprise business. This positive market response has now been bolstered by Slim’s investment.

A BT Group spokesperson expressed the company’s appreciation for investors who recognize the long-term value of BT’s business. “We have frequent communication with all of our shareholders and meet with major investors on a regular basis,” the spokesperson said. “We look forward to engaging with Inbursa, just as we do with all investors.”

($1 = 0.7816 pounds)