Following the company’s Q3 financial results, which reported a second straight quarterly loss and a revenue decline of 2.8% year-on-year, analysts and international media outlets predicted the company was set to sell both units in attempts to improve its balance sheet.
An insider at the company did not deny the rumours to Capacity, but stated that the poor fi nancial result was reflective of the company’s transformation phase.
The spokesperson said: “We are focussed on our present transition and it is important to look at the industry, which is also in transformation, which characterises where we are now.”
Speculation was further fuelled in September 2012, when the company first announced its CFO and COO, Paul Tufano, would take control of both the submarine and enterprise units.
Investment bank Goldman Sachs has estimated the sale of both units together could raise €400 million.
