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Report 'inaccurate'

BT denies talks to offload stake in Openreach

Openreach

Openreach is potentially worth more than BT

BT Group has told Openreach staff that the division is not sale, contrary to a report that the firm is talks with potential buyers.

Openreach CEO Clive Selley said in a message to staff: “Many of you will have seen the reports overnight about BT being in talks to sell a stake in Openreach.

“I spoke to (BT CEO) Philip Jansen last night after the story broke in the newspapers. He is very clear – the story is inaccurate. Openreach is staying in the BT Group.”

There was speculation that a sale would help BT finance a planned £12 billion upgrade of its broadband network.

Potential buyers were named as Australian bank Macquarie Group and a sovereign wealth fund, who were said to have held talks with the company, according to the Financial Times.

Openreach, which maintains BT’s broadband network, is also used by a host of commercial rivals such as Sky and Talk Talk on a wholesale basis. 

It is the most profitable division within BT and could be valued at about £20bn.

Ofcom ordered BT to legally separate Openreach from the rest of its business in 2017.



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