According to Sky News, investment banks were invited to pitch for the opportunity to handle a possible sale of TalkTalk’s two remaining divisions: its consumer business and PXC, its wholesale and network unit.
City insiders revealed Barclays and Morgan Stanley are among the banks being considered to lead the strategic review.
However, the view has also been prompted by unsolicited interest in both segments of the company, the report noted.
Meanwhile, the telecoms giant is also negotiating to raise an additional £100 million through a mix of funding from current backers and asset disposals, sources familiar with the matter said.
As a result, it has also recently brought in consultants from Alvarez & Marsal, the professional services firm, to support its finance team with liquidity management, those sources added.
TalkTalk currently serves over three million broadband customers and parts of that customer base are likely to be sold as part of its capital-raising plans.
The move comes as recently, the Financial Times reported that Openreach could prevent TalkTalk from onboarding new customers to its network amid a deepening dispute over payments owed to BT Group.
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