TalkTalk has confirmed a £1.1 billion acquisition agreement between Toscafund and private equity investors.
This transaction means that broadband providers will become private. Under the agreement, TalkTalk shareholders receive 97p per share. This is a 16% stake premium as of October 7th at the time of the offer.
“Being a private company will accelerate adoption and focus on its role as an affordable textile provider for businesses and consumers across the country,” says Charles Dance, chairman of TalkTalk. Tone Ir said.
“The telecom industry has gone through a fundamental reset and we want to do that role.”
In the news, the group’s shares rose 3%. TalkTalk revealed the deal in a renewal of the transaction, revealing that its profit of 13% has dropped to £122 million amid the pandemic.
Chief Executive Tristia Harrison said:
“Lockdown has seen excellent network performance despite faster, reliable, affordable connectivity being more important than ever, and data usage has increased by over 40%. He told me what it was.”
The group currently has around 4 million customers.
Ian West, senior non-executive director at the company, said:
“The independent TalkTalk Directors believe that taking into account the advice they received, the terms of cash offers are fair and reasonable and that they unanimously recommend that shareholders accept cash offers. It’s there.”
TalkTalk shares are trading +2.78% at 98.93 (1144GMT).
