PRESS: BT nears deal to acquire broadband provider TalkTalk
BT Group PLC is closing in on a deal to acquire broadband provider TalkTalk, the Financial Times reported on Monday.
A deal could be announced as soon as Monday, the FT said, citing two people familiar with the matter.
According to the FT, BT agreed a proposal on Sunday with TalkTalk shareholders, including Ares Management.
Sky News, which reported that a deal has been struck, said BT has agreed to pay around £100 million to Ares. Private equity firm KKR, which acts as TalkTalk's securitisation agent, is expected to receive around £60 million from BT, Sky News added.
TalkTalk sells home broadband and phone services in the UK. Its PXC offering, meanwhile, supplies other telecom providers with internet connectivity services.
BT's Openreach is a network infrastructure supplier of TalkTalk.
Last week, the FT reported BT Chief Executive Allison Kirkby met with officials in the UK government's Department for Digital, Culture, Media & Sport to gauge whether a possible bid for TalkTalk would lead to a lengthy competition watchdog probe.
BT shares closed up 2.9% at 196.30 pence each in London on Friday.
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