Broadband provider Sky has agreed to sell its business-to-business (B2B) telecommunications operation to a private equity company.
LDC, which is fully funded by the Lloyds Banking Group, will gain Easynet Global Services for a sum of £100 million, subject to regulatory approval.
Under the agreement, Sky will retain the UK network assets that it acquired when it bought the Easynet Group back in 2005.
Easynet Global Services will continue to have access to Sky's fibre network, while it will also continue to be a key supplier to the broadband provider.
Andrew Griffith, Chief Financial Officer at Sky, said that the company's acquisition of Easynet was "central to the early success of Sky Broadband and Sky Talk".
"We propose to exit the B2B segment with the sale of the business to a credible team and on attractive terms," he added.
Earlier this week, it was revealed that Sky's move to purchase Virgin Media's portfolio of TV channels was to be the subject of an Office of Fair Trading review.