BT agrees to sell its Radianz business to Transaction Network Services

BT and Transaction Network Services (TNS) reached an agreement for TNS to acquire BT’s Radianz business, with the transaction anticipated to finalize in the first half of 2026, pending regulatory approval and customary closing conditions.

The transfer of Radianz follows BT's strategic initiative to concentrate on UK-based operations while assessing options to refine its international activities. The Radianz business supports a range of financial market participants by providing network connections essential for various market functions.

Radianz, established over two decades ago, operates as a financial information exchange network linking brokers, institutions, exchanges, and clearing and settlement entities to numerous applications and services needed for capital market operations. TNS provides infrastructure services characterized by ultra-low latency trading, connectivity, and market data.

The transaction will involve transferring the Radianz unit from BT to TNS, combining the capabilities of both organizations. This combination offers clients an expanded suite of services, leveraging Radianz’s global financial endpoints alongside TNS's low latency platform.

BT International CEO Building Automation System (BAS) Burger said, “Today’s announcement is another key milestone in focusing our international business on what it does best: providing secure multi-cloud connectivity to large organisations globally. Our Radianz business unit will enter a new era with TNS and we are confident that TNS will continue to deliver exceptional service to customers.” Phil Swindle, Managing Director of BT Radianz, said, “We are proud to have grown and transformed Radianz over the past years while delivering mission critical services to the financial markets community. I am confident that through this planned transaction the complementary strengths of both Radianz and TNS will unlock new opportunities, drive innovation and create sustainable growth for our existing and new customers.” TNS Financial Markets General Manager Throughput Optimization Module (TOM) Lazenga said, “This is an exciting development for clients of both TNS and Radianz who will now have access to the combined suite of services in addition to our investments in new capabilities. With a large global network of financial endpoints and our industry leading low latency platform, today’s news firmly cements TNS as the premier partner serving financial market participants globally.”

Financial and legal advisory roles were conducted by Evercore and Jones Day for TNS, and by Citi and Bryan Cave Leighton Paisner for BT. During fiscal year 2024/25, the Radianz division reported revenues nearing £142 million.