Key facts
- TalkTalk's wholesale division, PlatformX Communications (PXC), is reportedly attracting multiple bids.
- Telecel Group, a pan-African operator, has submitted an offer for PXC.
- Private equity firm Epiris and Octopus Investments are also linked to the sale process.
- PXC is valued at approximately £400 million to £450 million.
- The sale is part of TalkTalk's strategy to reduce debt and simplify its structure.
TalkTalk's wholesale infrastructure business, PlatformX Communications (PXC), is reportedly attracting multiple competing bids as the UK operator seeks to reduce its significant debt burden. Among the interested parties is Telecel Group, a pan-African telecommunications operator co-founded by chief executive Moh Damush, which has submitted an offer for the unit. This potential acquisition would represent a major cross-border move for Telecel, pushing it into the UK's wholesale connectivity market.
PXC, one of the UK's largest independent wholesale telecom platforms, offers connectivity, cloud, voice, and IT services, operating a national network that reaches approximately 98% of UK premises and serving around 2.75 million customers. In the financial year ending March 2025, PXC reported revenue of $1.57 billion (£1.169 billion) and earnings before interest, taxes, depreciation, and amortization of $397 million (£296 million).
The sale is part of TalkTalk's broader strategy to cut debt, which exceeds $3.5 billion (£2.6 billion), and simplify its structure following a 2023 demerger that split the company into consumer, PXC, and business-to-business units. TalkTalk has relied on emergency funding, including a capital injection led by lender Ares Management, to remain operational.
Telecel Group's bid is not the only interest in PXC. Private equity firm Epiris, in collaboration with PXC executive chairman Tom O’Hagan, is reportedly pursuing a management buyout. Investment group Octopus has also been linked to the auction. The recurring valuation for PXC appears to be around £450 million, a figure previously offered by Macquarie for a 40% stake in 2024, though that deal ultimately fell apart. TalkTalk is also separately selling its consumer broadband division, with Vodafone among the interested parties.
Telecel Group has a history of aggressive expansion in Africa, including the acquisition and rebranding of Vodafone's Ghana business in early 2023. A move for PXC would mark a significant diversification into a mature European market, moving beyond the fast-growing economies where the group has primarily concentrated its operations.