Dec 17, 2020
Toscafund to buy TalkTalk for £1.1bn
TalkTalk has recommended a £1.1bn offer to take the broadband company private after its co-founder Sir Charles Dunstone backed the deal. Toscafund, which already held a near-30 per cent stake in the company, opened talks over a 97p-a-share cash bid in October that was contingent upon Sir Charles, who has a similar sized holding, participating in the deal. The recommended offer, which values the company at £1.8bn including its debt, was pitched at a 16 per cent premium to TalkTalk shares the day before the bid was made public. Toscafund, Sir Charles and other longstanding TalkTalk shareholders have agreed to the deal meaning that the offer has irrevocable acceptances of 76 per cent. Sir Charles said he was pleased to remain a major shareholder in TalkTalk, which was incubated within the Carphone Warehouse retailer he co-founded, at a time when the UK rapidly upgrades broadband networks to full fibre lines.
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