TalkTalk races to sell consumer and broadband arms as administration looms
Summary
TalkTalk is close to selling its consumer and wholesale broadband businesses to avoid administration and save 900 jobs. The company has deals nearly finalized with Opus Broadband to buy its consumer division and Octopus Investments to buy its wholesale arm, PXC.Key Facts
- TalkTalk is the UK's fourth-largest broadband provider.
- It has lost customers, dropping from 4 million in 2019 to about 1.5 million today.
- The company faces financial trouble and risks going into administration (a form of bankruptcy protection).
- TalkTalk plans to sell its consumer business to Opus Broadband for about £100 million.
- Its wholesale operation, PXC, will be sold to Octopus Investments for an undisclosed amount.
- Opus Broadband aims to keep all TalkTalk customers connected and protect employees' jobs.
- PXC works with the UK Ministry of Defence, but the sale should not disrupt these services.
- The sale would require TalkTalk’s owners to write off around £1 billion in debt.
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