TalkTalk, the UK's fourth-largest broadband company, is nearing deals to sell its consumer and wholesale operations as it works to avoid administration. The telecoms firm stated on Friday that it is in the final stages of sealing these transactions, which are aimed at securing its future and protecting 900 jobs.
The consumer business is close to being sold to Opus Broadband in a deal reportedly worth £100m. Concurrently, its wholesale operation, PXC, is set to be acquired by Octopus Investments for an undisclosed amount. A spokesperson for Opus has indicated that ensuring customer connectivity and protecting employee roles are top priorities.
TalkTalk has faced challenges in the competitive telecoms market, with its customer base shrinking from 4 million in 2019 to around 1.5 million. Should these deals proceed, TalkTalk's owners are expected to write off approximately £1bn in debt.