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The move follows a flurry of non-core divestitures at BT Group
BT Group is looking to sell off its remaining business portfolio in the Republic of Ireland, in a deal worth around €300 million (£275 million).
Sky News columnist, Mark Kleinman, tweeted that BT was in talks with London based equity fund, Mayfair Equity Partners, about a possible deal.
Exclusive: BT Group is in exclusive talks to sell its corporate business in Ireland to Mayfair Equity Partners, a London-based private equity group that owns stakes in Ovo Energy and Yo! Sushi. The value of the BT Ireland deal is likely to be more than €300m.
— Mark Kleinman (@MarkKleinmanSky) August 22, 2019
BT’s chief executive officer, Philip Jansen, has publicly stated his company’s intention to divest what he sees as non-core assets, particularly from its Global Business Services division.
Earlier this week, BT announced plans to divest a string of telecoms assets in the Netherlands, rumoured to be worth around £100 million.
BT also announced that it was selling off its legal software business, Tikit, for around £80m, earlier this month.
The flurry of divestitures is intended to help free up capital to fund BT’s 5G mobile network rollout with EE and the expansion of its full-fibre, fixed-line networks with Openreach, which BT sees as key steps in its journey to deliver a truly gigabit society in the UK.
BT’s CTIO Howard Watson will be giving a key note address at this year’s Total Telecom Congress, discussing his plans for BT in the UK and beyond. Click here for more information and to find out how you can attend the show.
Also in the news:
BT to sell off £100m of Dutch assets as Jansen looks to streamline GBS
