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TalkTalk agrees to £1.1bn deal with Toscafund
StockMarketWire.com
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TalkTalk has agreed takeover terms with Toscafund Asset Management in a deal worth £1.1 billion.
Investors representing about 45% of the companys shares have agreed to the deal.
The group also reported revenues of £740 million for the six months to 30 September, down from £792 million from last year.
Charles Dunstone, TalkTalk's chairman, said: 'I am pleased to have the opportunity to continue to be a major shareholder in TalkTalk. My decision underlines my passion for the company and the confidence the senior management team and I have about our journey ahead.
'That said, as the UK transitions to full fibre we have a hugely challenging, but exciting opportunity. Being a private company would allow us to accelerate adoption and focus on our role as the affordable provider of fibre for businesses and consumers nationwide. The telecoms industry is going through a fundamental re-set and we are keen to play our part in it.'
At 8:29am: (LON:TALK) Talktalk Telecom Group PLC share price was 0p at 96p
Story provided by StockMarketWire.com
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