BUSINESS LIVE: Bharti to buy major BT stake; FTSE 100 CEO pay soars; Heathrow boosted by summer break

Top City bosses scooped pay packets worth £4.2m on average last year as FTSE 100 CEO wages soared to a record high.

Analysis shows that average chief executive pay at the biggest London-listed companies jumped 2.2 per cent in 2023.

And it is set to rise even further this year after top brass at major firms bagged huge raises.

India’s Bharti Enterprises is set to acquire a 24.5 per cent stake in BT, buying out telecoms giant Patrick Drahi as the group’s top shareholder.

Bharti said the £3.2billion deal not indicate an intention of making an offer to acquire the whole of BT, which Drahi first bought into in 2021.

The Indian company said it would acquire an initial 9.99 per cent stake before seeking to acquire the remaining 14.51 per cent following regulatory approvals, including voluntarily applying for clearance under the UK National Security and Investment Act.

BT’s shares have risen by 24 per cent in the last six months, as the fruits of its long-term investment plan to build the country’s fibre network start to materialise.

BT boss Allison Kirkby said: ‘We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy.

‘BT has enjoyed a long association with Bharti Enterprises, and I’m pleased that they share our ambition and vision for the future of our business.

‘They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come.’