Deutsche Telekom boss says he wants his money back, calling buying a stake in BT his biggest mistake ever.
Tim Höttges told the Financial Times that he regretted buying a £5.6bn stake in the British telecoms giant back in 2015, which is now worth about £1.6bn.
BT has suffered in recent years, with profits stagnating, competition rising and share prices tumbling, all while it invests millions into rolling out its full fibre and 5G technology.
Deutsche Telekom, however, has been somewhat immune to the wider factors impacting telecom companies.
The German operator has seen its share price climb some 60% in the last five years thanks to its lucrative bet on T-Mobile US.
Despite losing billions, Höttges vowed to get the money back, with possible options including increasing his stake in the hope BT’s fortunes would improve.
“I am not nervous, I will stay quiet, and do the portfolio transaction when I’m ready to do so. There will be a time when we will do a deal,” Höttges said in the Financial Times.