27th Oct 2024 10:00
(Alliance News) - BT Group PLC is mulling selling its Radianz unit, in a deal that could net the telecommunications firm "low hundreds of millions of pounds", the Financial Times reported on Sunday.
Radianz, a network and connectivity platform for the financial services industry, was purchased by BT from Reuters in 2005 for USD175 million.
BT is working with Citigroup Inc to explore a sale of Radianz, the FT said, citing three people familiar with the matter.
Citing two sources, the FT said Radianz generates yearly earnings before interest, taxes, depreciation and amortisation of about GBP60 million to GBP70 million.
A Radianz sale would form part of a streamlining effort by the FTSE 100 listing.
"As we move into the next phase of BT Group's transformation, we are sharpening our focus to be better for our customers and the country, by accelerating the modernisation of our operations, and by exploring options to optimise our global business," it said in its annual results earlier this year.
BT shares closed marginally higher at 144.57 pence each in London on Friday. Shares are up around 30% so far this year.
By Eric Cunha, Alliance News news editor
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