BT in talks to sell Ireland corporate unit - Mobile World Live

BT in talks to sell Ireland corporate unit

23 AUG 2019

BT reportedly entered discussions with London-based Mayfair Equity Partners to sell its corporate business in Ireland, in a deal that could be worth more than €300 million.

According to Sky News, the discussions are exclusive between the two companies, with BT set to ask for more than €300 million for the unit, as it looks to cut its heavy debt load.

The potential buyer, Mayfair Equity Partners, has a keen interest in the technology, media and telecoms sectors, providing buyout and growth capital to businesses.

News of the potential sale follows speculation last week it was eyeing a £100 million sale of assets in the Netherlands, which serves its business customers.

The mooted sales are part of new CEO Philip Jansen’s cost-cutting programme, with a goal to slim down its global services division and refocus its core operations.

It has already raised £209 million through the sale of its London headquarters this year, while also selling its fleet management business and it is in the process of divesting its global legal software business Tiktak.

At home, the company is undergoing a staff reduction push and lowering office costs.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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