TalkTalk is reportedly close to entering exclusive talks with Octopus Investments over the sale of its wholesale network.

As reported by Sky News, UK broadband provider TalkTalk could sell its PlatformX Communications (PXC) to Octopus.

The company has attempted in the past to sell its wholesale division but not been successful, with Australian investment firm Macquarie previously walking away from talks back in 2024, according to media reports at the time.

Sky News reported over the weekend that Octopus could have exclusivity talks for “several weeks” while Octopus Investments finalizes financing for the deal. A deal would see a full break up of TalkTalk, which was founded by Sir Charles Dunstone back in 2003.

Octopus has reportedly seen off interest from private equity group Epiris, reports Sky News.

Octopus Investments manages UK infrastructure investor Fern Trading. The company owns enterprise fiber network Vorboss, meanwhile its Fern Fibre Trading unit includes fiber providers Jurassic, Swish, Giganet (including Cuckoo), and AllPoints Fibre.

TalkTalk declined to comment on the reports.

The break up of the company has been on the cards for a while, after Toscafund Asset Management, previously the second-largest shareholder in the company, completed a takeover of TalkTalk for £1.1bn ($1.49bn) in 2021.

Two years later, the company announced it would split its business into three units: B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct, before TalkTalk sold the latter to TFP Telecoms Limited (TFP), a special purpose vehicle controlled by the main shareholders of TalkTalk Telecom Group Limited (TTG).

TalkTalk’s consumer arm, which serves about 1.8 million customers, is also generating interest. Reports emerged earlier this year that Vodafone and Virgin Media O2 were interested in TalkTalk’s consumer and wholesale units, while Opus Broadband is keen too, notes Sky News.

It comes after TalkTalk sold 120,000 broadband customers to altnet Rise Fibre last week. Financial terms of the deal were not disclosed.