The legal separation of Openreach is not a de-merger or a pre-cursor to divestiture. Openreach will become a new legal entity within the BT Group, and although this will help acquiesce competitor concerns regarding equal access, it does not provide a solution to ameliorate network performance. BT Group will likely maintain control over Openreach capital expenditure and indeed freedom to redeploy Openreach free cash flow to other parts of the Group.