TalkTalk is looking to hire advisers to oversee the divestment of the company, according to a Sky News report.
Investment banks are understood to have been asked to pitch this week for a mandate to oversee the potential sale of TalkTalk’s two remaining business: PXC and its consumer arm.
Sources said that Barclays and Morgan Stanley were among the banks in the frame to oversee the strategic review.
TalkTalk, which is owned by Sir Charles Dunstone, is also said to be in talks to raise a further £100 million from a combination of existing investors and asset sales.
The company has recently drafted in advisers from Alvarez & Marsal to help its finance function with liquidity management, the report said.
TalkTalk, which has more than three million broadband customers, completed a £1.2 billion refinancing late last year.
TalkTalk declined to comment.