BT is the UK’s largest telecoms operator and has seen its share price drop for years. The stock has dropped from an average of 167 pence per share over the two year period Altice increased its stake down to 130.5 pence per share on Friday, Bernstein analysts wrote.

The company’s new Chief Executive Officer Allison Kirkby joined at the start of the year and announced a major cost-cutting plan and dividend boost that excited investors.

“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,” Kirkby said in a statement on Monday.

Analysts at New Street Research estimate Drahi lost approximately 900 million pounds “given the average decline in BT shares since his entry points.”

The shift from Altice to Bharti is likely to provide more stability for BT and a boost to Kirkby’s turnaround plan. After the Bharti deal, the British operator will have three major investors that will hold around 40% of the company’s shares. Deutsche Telekom, Europe’s largest and most successful telecom operator, has a 12% stake in BT. Deutsche Telekom CEO Tim Hoettges infamously said he wanted his money back in an interview last year.

Kirkby’s plans for the company have helped reverse share declines and fueled more optimism recently. Carlos Slim, the Mexican tycoon and 16th richest person in the world according to the Bloomberg Billionaires Index, took a 3.2% stake in the company in June.

“We see this as a positive step for BT,” a Deutsche Telekom spokesperson said in a statement. “We have a long and good working relationship with Bharti. So we are looking forward to work together with Bharti for the sake of BT shareholders and customers.”

European telecom operators including BT have been struggling to make a return on capital as they attempt to roll out expensive 5G mobile technology and connect homes to fiber lines.

Mittal said that BT has had a “glorious past” and a “tremendous amount of physical infrastructure in the UK.” He added that he supports BT’s management and strategy, but said the company could be more bold. One reason the British operator may have fallen behind, Mittal said, was a slow rollout of fiber that allowed rivals to gain market share.

Bharti Global is the international investment arm of Bharti Enterprises, with investments in telecom, technology, digital infrastructure and space communications.

The two companies have a long history together. BT owned a 21% stake in Bharti Airtel Ltd in the late 1990s.

--With assistance from Edwin Chan.

(Updates with share price in fifth paragraph)

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