New BT chief dusts off plan for sale of Irish corporate unit
Allison Kirkby, the FTSE-100 telecoms group's new CEO, has instructed Citi to advise on a potential sale of its remaining business in Ireland, Sky News learns.
Wednesday 17 April 2024 15:46, UK
The new boss of BT Group is dusting off plans for a sale of its Irish corporate business four years after her predecessor called off a deal.
Sky News has learnt that the FTSE-100 telecoms giant is working with bankers at Citi on a potential disposal of the unit.
The review of its options is at an early stage and may not result in a transaction, sources said on Wednesday.
Nevertheless, it represents one of the first corporate actions being evaluated by Allison Kirkby, BT's new chief executive.
BT Ireland is the main alternative fixed-line communications provider in the country with more than 650 employees.
The division serves business and wholesale customers, but does not sell to consumers.
It owns and operates a full-service, fixed telecom network and boasts a high-capacity fibre network with nationwide reach across Ireland.
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Tap hereIn 2019, BT reached a preliminary agreement to sell the business to Mayfair Equity Partners, a leading London-based investor.
The talks fell apart in the spring of 2020.
At the time, the unit was valued at between €300m and €400m.
It was unclear how much BT Ireland might fetch in a sale today.
In a statement following an enquiry from Sky News, a BT Group spokesperson said: "We continually review our operations to ensure they align with our global strategy.
"We have an excellent business in Ireland and no decisions have been taken."
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Shares in BT have fallen by more than a third over the last year, leaving it with a market value of £10.2bn.