BT begins clear out with £460m Sunrise sale

BT is to set to raise £460m from the sale of its stake in Swiss telecom start-up Sunrise.

BT is to set to raise £460m from the sale of its stake in Swiss telecom start-up Sunrise.

Sunrise, which concentrates on the domestic fixed line market, was established three years ago and BT paid £70m for its 34 per cent stake in the company. TeleDenmark has bought the stake after receiving approval from the other shareholders. Today's sale follows last week's announcement by Sir Peter Bonfield, chief executive of BT, that the company will be selling off a number of its assets. BT says it will now develop corporate broadband services in Switzerland through BT Ignite, though Sunrise will still act as a distributor for Concert, BT's joint venture with AT&T. By Geoffrey Davies