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BT agrees to buy TalkTalk in a £400m rescue deal, saving 900 jobs

The acquisition would add 1.5 million UK retail broadband customers and requires Competition and Markets Authority review.

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BT has agreed to buy broadband supplier TalkTalk out of administration in a £400m rescue deal that is expected to save 900 jobs, according to the Guardian Business.

The company said the deal covers TalkTalk and its wholesale business PlatformX Communications, with the acquisition structured on a debt-free basis, and it is expected to cost BT £400m.

TalkTalk reported revenues of about £1.2bn over the past 12 months and is loss-making, the outlet added.

The transaction would add a further 1.5 million UK retail broadband customers to BT and will trigger a regulatory review by the Competition and Markets Authority, with the UK secretary for digital, culture, media and sport, Lisa Nandy, intervening using a public interest intervention notice.

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