Shares in BT have risen this morning after Mexican billionaire Carlos Slim acquired a 3.2% stake in the FTSE 100 firm for £400 million.

Slim is the owner of América Móvil and several other huge companies in Latin America. The stake – the fourth-largest in BT – was acquired by three companies controlled by the former world’s richest man.

Shares in telecoms firm BT Group plc climbed more than 3% in two hours this morning after news of the deal emerged, from 129p to almost 133p.

BT’s largest shareholder is French billionaire Patrick Drahi, via Altice UK, which holds a 24.5% stake – below the 25% threshold for marking out a person with significant control.

T-Mobile Holdings Ltd – also known as Deutsche Telekom – retains a 12% stake, with BNP Paribas (Suisse) SA following on 10.8%.

BT said it “welcomes any investor who recognises the long-term value of our business… we look forward to engaging with Inbursa, just as we do with all investors”.

Revolut relocates global HQ in Canary Wharf

Last month new chief executive Allison Kirkby said BT had hit a £3 billion target for gross annualised cost savings a year ahead of schedule, causing the share price to rise from just above 100p – where it had remained since January – to above 130p.

She added that BT would cut another £3bn of costs and increase its dividend.

How are Manchester’s on-fire tech firms ‘engineering for growth’?