BT has started talks to sell a multibillion pound stake in its network unit Openreach, according to the Financial Times. Interested investors could include Macquarie and an unnamed sovereign wealth fund.
Reuters reported that a source close to Macquarie said it had not expressed interest in Openreach and was not in talks with BT.The stake sale could value Openreach at GBP 20 billion, according to the FT's sources, which is double BT’s market value. The proceeds could go towards the company's accelerated fibre roll-out, as well as helping BT cover other obligations such as its pension deficit.
The sale of a stake in the network business to a minority or financial investor follows similar moves by other operators looking to speed up their fibre roll-out, such as Iliad in France and Meo in Portugal. The difference for BT is Openreach is a much more extensive organisation, managing also its copper network and delivering wholesale services.
