TalkTalk sells Yorkshire fibre network for £200m

Telecoms group TalkTalk has announced the sale of its FibreNation business to CityFibre for £200m.

The sale includes all of FibreNation’s fibre assets which are planned and underway across Yorkshire. This includes fibre roll out in Dewsbury, Harrogate, Knaresbrough and Ripon.

As part of the deal, TalkTalk will enter long-term wholesale agreement with CityFibre for residential and business products in the areas where it builds.

The sale will also see the creation of a Northern Centre of Excellence and help to deliver the next generation of digital infrastructure throughout the North.

Tristia Harrison, Chief Executive of TalkTalk, commented: “We are pleased to announce today’s agreement with CityFibre. Our investment over the last five years and the excellent work delivered by the FibreNation team, combined with CityFibre’s well-established platform, will support wide-geographic reach of full fibre and further drive competition in the market.

“The sale of FibreNation to CityFibre, in combinahtion with a competitive wholesale agreement, enables us to continue our strategy to accelerate TalkTalk’s fibre growth for our residential and business customers, thereby delivering a superior customer experience at an affordable price.”

The Sale is conditional upon shareholder approval, with completion targeted to occur in March 2020.