City analysts have decided that O, the rebranded BT Wireless, is worth less than half of BT's original valuation.
Investment bank Goldman Sachs is set to value O at just £7bn when it floats in November, compared with BT's hoped for £15bn. Previously, the lowest value assessment of the demerged firm, home to BT Cellnet and others, was £8bn.
Analysts are now pondering the value of O as a standalone company following the decline of telecoms shares.
O is expected to reveal later this week that it has secured a £3.5bn credit line with a total of six banks, and that it will share the cost of building its third-generation network in The Netherlands with a Dutch firm, similar to its deal in Germany with Deutsche Telekom.
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