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BT agrees to rescue TalkTalk in takeover deal
The deal would end months of speculation for TalkTalk, which has been on the brink of administration due to debts.
BT has agreed to take over broadband rival TalkTalk in a rescue deal that still requires approval by the UK competition regulator, according to BBC Business. The announcement would bring an end to months of speculation over TalkTalk's future after the company fell into serious financial trouble.
TalkTalk serves 1.5 million retail customers and one million wholesale customers across the UK. Some parties have raised concerns about what increased control by BT could mean for competition in the broadband market.
BT chief executive Alison Kirkby said the deal provides a safety net for the households and businesses that rely on TalkTalk. BT also said the agreement would offer immediate reassurance for TalkTalk employees and both retail and wholesale customers, pending regulatory approval.