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TalkTalk to sell fiber network to CityFibre

The U.K.'s TalkTalk Telecom Group PLC agreed to sell its fiber network, FibreNation, to CityFibre Infrastructure Holdings Ltd. for about £200 million.

Part of the deal is a long-term wholesale agreement with TalkTalk for residential and business products in the locations where CityFibre builds networks.

A Northern Centre of Excellence will also be established to facilitate digital infrastructure generation across Northern England.

The transaction is subject to shareholder approval and is expected to be completed in March.

CityFibre, backed by Goldman Sachs Group Inc., had been one of several bidders interesting in purchasing the fiber network.