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Virgin Media O2, a joint venture of Spain's Telefonica SA and the US's Liberty Global PLC, has submitted an indicative offer to buy UK broadband provider TalkTalk, Sky News reported on Friday.
The talks are at an early stage and are non-exclusive, Sky said, citing ‘City sources’. The offer values TalkTalk at £3 billion, it said.
https://news.sky.com/story/virgin-media-o2-tests-waters-with-3bn-opening-offer-for-talktalk-12652429
TalkTalk was a FTSE 250 listing in London until being taken private early last year in a £1.11 billion takeover by Toscafund Asset Management LLP and Penta Capital LLP. Toscafund previously had been a 29% shareholder.
In its final earnings report as a listed company, TalkTalk revealed a swing to a pretax loss of £3.0 million in the six months that ended September 2020 from a £1.0 million profit a year prior.
The prospect of a stronger rival in the UK broadband market sent the shares of BT Group PLC tumbling on Friday, closing down 8.1% at 174.75 pence.
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