Mexican magnate Carlos Slim has acquired a 3.16% stake in BT, Britain’s largest broadband and mobile operator, according to a stock market filing on Wednesday. The stake, valued at approximately 408 million pounds ($522 million) based on BT’s closing share price, was acquired through Slim’s Inbursa financial company and two other group companies. This move comes as a significant boost to BT’s new chief executive, Allison Kirkby, who recently outlined ambitious plans to more than double free cash flow over the next five years, cut costs, and potentially dispose of its global enterprise business.
Shares in BT rose by more than 10% last month following Kirkby’s strategic announcements. A BT Group spokesperson expressed the company’s welcome for investors recognizing the long-term value of its business, noting regular communication with major investors. “We look forward to engaging with Inbursa, just as we do with all investors,” the spokesperson added. Slim’s investment, through his family’s control of telecommunications giant America Movil, underscores confidence in BT’s future under Kirkby’s leadership.