BT is in talks about selling off part of its stake in its broadband infrastructure company Openreach.
The Financial Times reported on Friday the sale that could bring in up to £12 billion that would be used to upgrade the UK’s broadband network.
Potential buyers include the Australian bank Macquarie and a sovereign wealth fund.
Openreach, which operates a network of telegraph poles and underground tunnels is now a subsidiary of BT, following complaints from Virgin Media, and the intervention of Ofcom. In February 2016 the regulator ruled out forcing BT to sell the division.
BT wants to connect 20m homes to so-called ‘full-fibre’ lines.
It’s facing competition from Virgin, particularly following its proposed merger with Telefonica’s O2, and from smaller city fibre companies.
