Apr 8, 2022
TalkTalk reviews options after Vodafone approach
TalkTalk has asked investment bank Lazard to review its options after several groups, including Vodafone, approached the UK broadband company about potential deals, according to people briefed on the matter. TalkTalk was taken private just 16 months ago by Toscafund, an asset manager run by the Brexit-supporting Tory donor Martin Hughes, for 97p per share, valuing the company at £2bn including debt. The internet company was advised by its independent directors in 2020 to accept the Toscafund bid on the grounds that TalkTalk would need significant investment in order to scale, which it would be difficult to achieve if it remained publicly listed. Vodafone has been under particular pressure to revive its struggling business after it emerged that Europe's biggest activist investor, Cevian Capital, had taken a stake in the company and is pushing for a structural overhaul. Dunstone backed the offer to take TalkTalk private, which was contingent upon him rolling over his stake into a new private vehicle that would own the company, allowing him to retain his 30 per cent stake.
Related companies
Make a complaint about TalkTalk or Vodafone by viewing their customer service contacts.
