The U.K. government now has the power to intervene in deals that have the potential to threaten national security.
Tracing its origins back to the founding of the world's first public telegraph company in 1846, BT is a British icon. The firm was previously state-owned, but was privatized by the end of the 20th century.
In recent years, it has struggled to convince investors of its vision to upgrade national network infrastructure and become a key player in next-generation 5G mobile internet. The company's stock has plummeted 42% in the last five years. Altice was founded by Drahi in 2001. A prolific dealmaker, he made a name for himself by snapping up a slew of cable and mobile companies in Europe and the U.S. The billionaire entrepreneur was born in Morocco but emigrated to France as a teenager. He has a net worth of $6.6 billion, according to Forbes.Less than 24 hours earlier, Kwarteng announced on Twitter that he would review Nexperia's takeover of Welsh semiconductor firm Newport Wafer Fab.
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