TalkTalk / PXC · Deal watch
BT Rejects Epiris £300m PXC Waiver Request
Epiris sought roughly £300m of Openreach payment relief to support its proposed PXC takeover, but later reporting says BT rejected the proposal.
Epiris asked BT/Openreach for relief worth roughly £300m to support its proposed acquisition of PXC. Later reporting clarified this as a three-month payment holiday worth about £200m–£250m plus roughly £100m of outstanding Openreach debt. By 4 October, Sky News reported that BT had rejected the Epiris proposal, leaving the earlier rescue route in serious doubt.
What Epiris asked BT for
Sky News first reported on 30 September that Epiris was seeking relief on PXC payments to Openreach. A 1 October update gave the fuller scale: a proposed three-month payment holiday worth about £200m–£250m, alongside roughly £100m already owed after a partial payment.
That means the rescue request was not simply a £100m write-off. The combined exposure discussed in later reporting was roughly £300m, although the exact accounting treatment and final terms were never announced because the Epiris proposal was subsequently rejected by BT.
These are reported figures rather than signed transaction terms. PXC’s normal £60m–£80m monthly Openreach bill helps explain how a three-month holiday could reach £200m–£250m.
Why BT and Openreach matter to the deal
PXC buys access from Openreach as part of the wholesale connectivity it supplies to other providers. TalkTalk Group describes PXC as an aggregator of Openreach and alternative network infrastructure. Sky News says Openreach is PXC’s largest supplier and that PXC typically pays it £60m to £80m a month.
Relief on a bill of that scale could change the cash needed to take PXC forward. That is why a request to BT Group, Openreach’s parent, has become central to the negotiations. It does not mean ordinary TalkTalk customers’ broadband bills are being waived.
Epiris’s reported request went to BT Group: provide a three-month Openreach payment holiday and address existing arrears as part of the proposed takeover.
Where the Epiris PXC proposal stands now
The Epiris route has moved backwards since this page was first published. Sky News reported on 4 October that BT had rejected the concession package and had emerged as the likeliest buyer of TalkTalk as wider negotiations with Ares Management intensified.
No completed PXC sale, wider TalkTalk sale or administration filing had been announced in the sources checked for this 5 October update. For the overall ownership picture, use the separate Is TalkTalk Being Sold? page; this article stays focused on the Openreach concession request and why it mattered to the Epiris proposal.
The company expects a conclusion imminently, but no completed deal is announced.
The first report describes payment relief worth more than £100m.
Later reporting says it includes a £200m–£250m three-month holiday plus about £100m of outstanding Openreach debt.
Sky News says BT then emerged as the likeliest buyer as separate talks with Ares continued.
Why the rejected waiver still matters
The concession request shows how dependent the proposed PXC rescue was on Openreach economics. PXC is a wholesale connectivity business whose network-access costs are large enough that a few months of payments can materially change the viability of a takeover.
The rejection does not itself change a household TalkTalk bill or contract. PXC also supports other communications providers and critical services, which is why the outcome matters beyond the retail TalkTalk brand. For the broader bidder and ownership story, use the TalkTalk sale tracker; for the original Epiris takeover proposal, see the Epiris and PXC deal explainer.
Epiris waiver FAQs
Did BT agree to Epiris’s Openreach waiver request?
No. Sky News reported on 4 October 2026 that BT had rejected the Epiris proposal involving at least £300m of foregone Openreach payments.
Why did the figure change from £100m-plus to about £300m?
The first report described relief worth more than £100m. A later report gave a fuller breakdown: a three-month payment holiday worth about £200m–£250m plus roughly £100m of outstanding Openreach debt.
Does BT’s rejection mean Epiris definitely will not buy PXC?
The latest reporting makes the earlier Epiris route much less likely and says BT emerged as the likeliest buyer. However, no completed transaction had been announced in the sources checked for this update.
Does the rejected waiver change TalkTalk customer contracts?
No direct household-contract change follows from the waiver request itself. Customers should follow official communications about their own service and use the separate switching guide if they are deciding whether to move provider.
Sources
- Sky News, 30 September 2026 — first report of the Openreach payment-relief request and PXC’s monthly payment range.
- Sky News, 1 October 2026 — later breakdown of the roughly £300m concession package.
- Sky News, 4 October 2026 — reports BT’s rejection of the Epiris proposal and the shift toward a possible BT-led outcome.
- TalkTalk Group — background on PXC’s wholesale-network role.