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Network Rail has confirmed that its fibre optic and telecoms network will not be sold off.

The organisation had received interest from the likes of Virgin Media and BT that were keen to improve coverage for mobile broadband users and customers in rural areas.

However, the Financial Times has reported that Network Rail could not agree on various matters with potential buyers.

As a result, it has dropped the planned sell-off, saying there are "no immediate plans" to privatise the network.

The organisation will instead focus on selling off property assets in order to reduce its debts and absorb the cost of a five-year modernisation project.

The prospect of a sale of Network Rail's fibre optic network was first mooted in March this year.

Speaking to TechWeekEurope, a spokesman said that selling unused capacity to telecoms companies could be "commercially sensible".

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