BT is considering floating some or all of Concert, its joint telecoms venture with AT&T that serves multinational businesses, by the end of this year, according to reports.
The flotation, which could value Concert at £20bn, would raise cash to help restore the telco's ailing reputation. BT's share price has fallen in recent months, and the company announced in May that its annual profit had dropped by 32 per cent after increased competition and acquisitions.
Concert, an international communications provider for multinational business customers, international carriers and service providers, began operating in January this year and generates sales of £5bn.
The flotation could happen as early as autumn, according to the Sunday Business newspaper. However, a BT spokesman said this morning that the report is just speculation and "entirely made up by the newspapers".
"We are not ruling anything out or in; it is not something in our radar. It is not more likely to be this week from the next week," added the spokesman.
BT has announced that it intends to list Yell, the telephone directory business which includes Yellow Pages, by the end of this year. The telco is also considering floating its Ignite broadband internet business, but no decisions have been made yet, said the spokesman.
Last week it was reported that discord between Concert, BT and AT&T had emerged because Concert staff felt that BT and AT&T were distracted by other domestic problems. This has also been denied by BT.
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