BT agrees rescue deal to buy broadband operator TalkTalk
The takeover still needs to be approved by the regulator, but would give certainty to TalkTalk's millions of customers
BT agrees rescue deal to buy broadband operator TalkTalk
BT, the UK’s largest broadband provider, has agreed to rescue its rival TalkTalk in a takeover.
The transaction, which must still be approved by the UK competition regulator, would bring an end to months of speculation about TalkTalk’s future. The company has been close to administration because of its debts.
TalkTalk has 1.5 million retail customers and one million wholesale customers across the UK. Some have expressed concern that the deal will give BT greater control over the broadband market.
BT chief executive Alison Kirkby said the agreement offered "a safety net for the households and businesses who rely on TalkTalk".
"TalkTalk's customers will benefit from access to the UK's best network, and the full range of market-leading products and services that BT offers," she added.
BT said the deal would provide "much needed and immediate reassurance" for TalkTalk's employees and its UK customers, both retail and wholesale.
"This includes vulnerable households, and connections that support critical national infrastructure providers across health, emergency services, defence, education, transport, banking and government."