Cable & Wireless, the U.K.’s second-largest telecom provider, is in talks with AT&T for a possible sale of its Europe, Asia and U.S. business, Thisismoney reports. The potential sale has been valued at £1 billion.

C&W last week shelved its plans for a demerger of its U.K. business with its international operations due to the financial crisis. The company will re-evaluate its strategy in three month, company sources said.

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