Smart Telecom announced it had commenced a strategic review. The process could end up in a break-up of the company. One analyst agreed that a break-up of the company's three businesses, i.e. fixed-line operations, corporate division and broadband, was a likely option unless Smart Telecom was to find an investor willing to support the business. The fixed-line business, probably would not sell for a high multiple. However, the corporate telecom business could reach a higher multiple as Smart Telecom has some blue-chip clients there. The company posted a EUR 23.7m turnover for the first half of 2005.