UK incumbent offloads fleet management business to investor, other businesses likely to follow
BT has agreed to sell its fleet management business to investment group and turnaround expert AURELIUS Equity Opportunities for an undisclosed sum.
The deal is due to close in the second half of the year and AURELIUS will rebrand BT Fleet Solutions within the next 12 months, BT said.
The deal comes as BT looks to double down its focus on rolling out telco infrastructure and sell off non-core businesses that could help it to raise some money.
"With BT’s renewed focus on investing in the best fixed and mobile networks in the UK, and with BT Fleet Solutions well positioned to achieve further growth, the time is right for the business to find a new home," said Gerry McQuade, CEO of BT’s Enterprise unit.
Indeed, there have been reports in recent days of another BT business that could soon have a new owner.
According to various UK press reports, the telco is looking for a buyer for Tikit, a provider of software geared towards the legal sector. However, BT has not provided official comment on the story.
BT Fleet Solutions manages 80,000 vehicles for 26 customers in various industries. It has around 950 staff in the UK and in the 2017-18 financial year posted revenues of £209.5 million (€227 million).