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BT has agreed to sell its remaining stake in BT Italia to local telecoms provider Retelit as chief executive Allison Kirkby refocuses the company on the UK.
The company has not disclosed the financial terms of the transaction, but the operations being sold generated revenues of about €160mn in 2024.
Kirkby has been refocusing BT on its core UK business and last year announced plans to cut costs by £3bn. This year, BT has sold its Irish wholesale and enterprise division.
The withdrawal from Italy closes a difficult chapter for BT. The company has been withdrawing from the country since taking a £530mn writedown relating to an accounting scandal at BT Italia in 2017.
BT is being advised by bankers from Jefferies on the sale, which is subject to approval by competition regulators.
