Sat, 10 Nov 2018 | DIVISION SALE
BT Group is preparing to sell its fleet management arm encompassing 333,000 BT and Openreach-branded vehicles. The deal is anticipated to provide hundreds of millions of pounds for the telecom provider.
Although in its early stages, the sale is estimated to yield a price of £200 million or more.
Lazard, the investment bank, has been appointed to handle the sale through an auction. Credit Suisse is assisting BT with the sale of its Global Services division, which provides IT and other services to corporate customers.
Early this year, BT's current chief executive Gavin Patterson announced plans to move its long-serving London headquarters in a symbolic move to accelerate BT's modernisation. In the new year, however, Philip Jansen will replace Patterson as chief executive and the sale of its fleet arm is one of the many assets BT intends to sell prior to the change in management.
The fleet arm also serves other corporate clients which includes maintenance of a total of 120,000 vehicles and 840 in-house commercial vehicle staff. The division also owns a network of 65 garages across the UK and provides a range other services including accident management, vehicle funding and consultancy.
Sources have reported that the fleet arm sale is likely to include a leaseback arrangement so that company's engineers will be able to continue to use the vehicles.
The shares in the fixed-line, mobile telephony, IT services and broadcasting group have recovered in the last year and has now secured BT with a market value of just over £25 billion.
BT's fleet arm works with over 500 contractor facilities and has more than 50 mobile technicians.
For more news about division sales, click here. For all our business listings, click here.
Innovative, successful and fast growing UK based Saas software company with over 100+ NHS Trust (National Health Service) as clients is exploring potential merger / acquisition. The company has developed a unique and innovative software solution, whi...
RELOCATABLE
A well-established UK medical manufacturing company with a history of over 55 years. The company is one of the leading manufacturers of medical technology in the UK, having a long history behind them, time in which they have developed strong relation...
This leading IT solutions company works with a global Blue Chip customer base and delivers end to end information technology services from Desktop and Network Services through to Smart Technologies and Resourcing. With a world class infrastructure in...
|
23
|
|
Aug
|
Administrators called in for energy technology firm Faraday Grid | ADMINISTRATION
Faraday Grid, an Edinburgh-headquartered energy transformer ...
|
22
|
|
Aug
|
Welsh technology firm plunges into administration | ADMINISTRATION
Thought to be one of the country’s leading ICT supplie...
|
21
|
|
Aug
|
Solicitors Title LLP buys Somerset law firm in pre-pack administration | ADMINISTRATION
Somerset-based law firm, Broomhead & Saul LLP, has been save...
Sign up to receive our acquisition alert emails to get your FREE guide
|
04
|
|
Apr
|
Homebase put up for sale by Australian owner | BUSINESS SALE
High street DIY chain Homebase is up for sale, after its Aus...
|
27
|
|
Aug
|
Gala Coral Group prepares for sale of bingo business | DIVISION SALE
Gala Coral Group has brought in bankers at Lazard to seek ou...
|
18
|
|
Jan
|
De Vere to sell four hotels to fund expansion | DIVISION SALE
De Vere Group is set to sell four of its hotels and one conf...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources