Carlos Slim Invests in BT: Mexican Billionaire Acquires Stake

In a move that has captured the attention of the financial world, Mexican billionaire Carlos Slim has acquired a significant stake in British telecom giant BT Group. Slim, the former world's richest man and the current head of Latin America's largest telecommunications company, America Movil, has taken a 3.16% stake in BT, worth around £408 million ($500 million).

Slim's investment comes at a pivotal moment for BT, as the company's new CEO, Allison Kirkby, has unveiled an ambitious plan to transform the business. Kirkby's strategy includes more than doubling BT's free cash flow over the next five years, cutting costs, and potentially divesting the company's global enterprise division.

The market has reacted positively to Kirkby's bold vision, with BT's share price rising by over 10% since the plan was announced. Slim's decision to enter the fray as a major shareholder is seen as a resounding endorsement of BT's new direction.

Diversifying Beyond Latin America

For Slim, the investment in BT represents a strategic move to diversify his telecommunications portfolio beyond his Latin American stronghold. As one of the world's most successful and influential business leaders, Slim's backing is likely to provide a significant boost to BT's turnaround efforts.