Airwave sale will be no quick fix

The sale of O2's Airwave unit may be some way off yet, according to the mobile operator's latest set of quarterly results.

Following O2's acquisition by Spanish telecoms group Telefonica, a strategic review of Airwave was initiated late last year, including examining the possibility of selling "totally or partially" the secure digital radio network business.

The review is expected to conclude in an information memorandum sometime in the spring. Suitors, including the Australian bank Macquarie, have already been rumoured to be interested in acquiring Airwave.

The business has secured a number of large contracts of late, including a £115m deal with London Underground and a £48m agreement with the Scottish ambulance service.

O2 CEO Peter Erskine said in a statement: "This process is likely to take a number of months and in the meantime Airwave remains focused on both its customers and operational targets."