Jun 29, 2018

TalkTalk shares tumble as unit sale to Daisy collapses

A deal to sell TalkTalk's direct business unit to Daisy has collapsed sending shares in the the broadband company down more than 10 per cent to a four-month low. TalkTalk said in May it had agreed to sell the unit, which serves 80,000 small businesses, to Daisy for £175m. The sale would have raised cash to strengthen its balance sheet and allowed it to concentrate on providing network capacity to resellers, including Daisy, in the enterprise market. The deal fell down after Daisy conducted due diligence, in tandem with Deloitte, on the business being sold. Daisy is a hyper-acquisitive company and one person with direct knowledge of the talks said it was "Abnormal" for it to pull out of a deal without a good reason. Shares in TalkTalk crashed as much as 10.9 per cent to 96p..

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