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Prices & Quotes - UK Markets - TalkTalk Telecom Group (TALK)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 96.70p
Change Today:
-0.30p
Market Cap:
1,108.18m
Sector:
Fixed Line Telecommunications

TalkTalk agrees 1.1bn takeover by Toscafund, Penta

By Frank Prenesti

Date: Thursday 17 Dec 2020

LONDON (ShareCast) - (Sharecast News) - UK broadband provider TalkTalk on Thursday said it had agreed a 1.1bn takeover by Toscafund and private-equity investor Penta that will see the telecoms group taken private with founder Charles Dunstone retaining a stake.
The company said shareholders will receive 97p cash per share, a 16.4% premium to the share price on October 7, the day was before the offer was first proposed. The takeover will be financed by 527m of debt.

Tosca Penta, which owns 29% of the company, said "operating in the public listed markets is not optimal" for TalkTalk and its future could be best delivered as a private firm "without the significant governance, cost, regulatory and financial reporting burdens of a company listed on the London Stock Exchange", TalkTalk said in a statement.

It added that TalkTalk will benefit from access to different forms of equity and debt financing structures "that are not readily available to listed companies".

Tosca, Dunstone other longstanding TalkTalk shareholders have agreed to the deal, meaning that the offer now had 76% in irrevocable acceptances.

Dunstone said said he was pleased to remain a major shareholder in the company at a time when the UK rapidly upgrades broadband networks to full fibre lines.

"The telecoms industry is going through a fundamental re-set and we are keen to play our part in it," he said.

TalkTalk added that it had pulled financial guidance for the year due to the impact of Covid-19 on its business and also announced that chief financial officer Kate Ferry said she would be leaving the company after three and a half years in the role.

The deal is the latest consolidation in the sector, exemplified by the proposed 31bn merger of Liberty Global's Virgin Media with O2, the mobile network owned by Spain's Telefonica, now the subject of an in-depth competition probe.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

TALK Market Data

Currency UK Pounds
Price 96.70p
Change Today -0.30p
52 Week High 110.80p
52 Week Low 69.50p
Volume 737,541
Shares Issued 1,146.00m
Market Cap 1,108.18m

Performance Indicators

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What The Brokers Say

Strong Buy 0
Buy 0
Neutral 3
Sell 0
Strong Sell 1
Total 4
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

TALK Dividends

  Latest Previous
  Final Interim
Ex-Div 09-Jul-20 28-Nov-19
Paid 07-Aug-20 16-Dec-19
Amount 1.50p 1.00p

Trades for 26-Feb-2021

Time Volume / Share Price
16:35 513,055 @ 96.70p
16:29 279 @ 97.00p
16:29 314 @ 97.00p
16:29 36 @ 97.00p
16:26 159 @ 96.95p

TALK Key Personnel

CEO Tristia Harrison