The newly formed joint venture will connect millions of homes to full fibre networks across the UK
TalkTalk’s chief operating officer, Charles Bligh, will head up the newly formed full fibre joint venture with Infracapital, according to a report in the Financial Times.
The two companies signed heads of agreement for the £1.5 billion JV in February 2018. The newly formed company will aim to deliver fibre to the home (FTTH) services to 3 million homes in the UK.
The formation of the JV comes at a crucial point for the UK, as the country looks to replace its archaic copper legacy networks. This week, the UK’s finance minister, Philip Hammond, said that the UK needed 15 million FTTH connections by the year 2025, to kick start its digital economy.
Charles Bligh is currently serving as TalkTalk’s chief operating officer and previously spent over twenty years with IBM. TalkTalk is yet to formerly comment on the appointment.
The FT has also reported that BT veteran Paul Reynolds will become the chairman of the JV. Mr Reynolds previously ran BT’s wholesale business unit between the year 2000 and 2007.
In other news, TalkTalk has recently announced that it is to sell off its direct B2B business unit for £175 million.