Carphone Warehouse are to go ahead with plans to purchase the UK assets of Italian internet provider Tiscali, a deal that will make the telecommunications company the largest residential broadband provider in the UK.
The deal is expected to be finalised by June, but is subject to approval by competition authorities and Tiscali obtaining formal approval to restructure it’s debt. Tiscali is believed to have over 600 million euros of debt and along with the cash offer from Carphone Warehouse, reported to be £236million, the Italian company are looking to further restructure it’s debt with a capital increase of 210 million euros.
Should the deal be finalised Carphone Warehouse will overtake Virgin Media as the UK’s biggest residential internet supplier and the second biggest including business users to BT.
Carphone CEO Charles Dunstone said “We are delighted to be acquiring Tiscali’s UK business — we know the business well and the fit with TalkTalk is perfect.”
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