Drahi not seeking BT shake-up, JV partner may not be needed: Source

LONDON: Billionaire telecoms investor Patrick Drahi is not pushing BT to sell a stake in its network arm Openreach and like other top investors thinks a partner may not be needed to build fibre, a person familiar with the situation told Reuters.

Drahi’s surprise announcement that he controlled 12.1% of BT, making him the biggest shareholder, sparked speculation that he would push for a stake sale or spin-off of Openreach, and came less than a month after BT set out a plan to find a partner to help build part of its new fibre network.

But the person who spoke on condition of anonymity said separating Openreach from the rest of the company would prove a huge distraction during a fibre build, and that some of the biggest shareholders did not think a joint venture partner was needed unless they could access cheaper capital.