Buying the troubled company would enable the likes of Vodafone or O2 to offload ever-increasing traffic generated by consumers searching the Internet on to a fixed network with more capacity.

It would also give an operator access to its substantial unused tax allowances, a sizeable fiber network, the potential to offer its own branded broadband to consumers and the ability to offer a wider range of services including fixed-line deals to multi-national companies. With two profit warnings in eight months and doubts over management and profitability, Worldwide’s shares are trading at historic lows, meaning Vodafone or O2 could consider making an offer before they recover.

“C&W Worldwide ultimately wants to be bought by AT&T, Verizon, Vodafone or O2,” a banker familiar with the sector told Reuters.