Sale of TalkTalk Business Direct

TFP Telecoms Limited (TFP), a special purpose vehicle controlled by the main shareholders of TalkTalk Telecom Group Limited (TTG), has acquired from TTG, TalkTalk Business Direct (TTBD), the SME and enterprise-focused connectivity provider, for £95 million.

The transaction also involves a long-term exclusive wholesale agreement with TalkTalk’s wholesale platform worth c.£25m over three years.

The sale is the first phase of the demerger strategy announced last month, and is in line with shareholders’ commitment to support the separation of TTG into three separate businesses and the associated refinancing of those businesses on a separated basis.

Tristia Harrison, TalkTalk Group chief executive, said: “The transaction delivers both investment for growth for Business Direct, as well as a long-term revenue agreement for our wholesale platform. This is good news for customers and colleagues alike, and is an important first step in our demerger plans.”

TalkTalk Business Direct will continue to remain headquartered in Salford following the deal.