TalkTalk announces plans to demerge

TalkTalk Advances Demerger Plan with £95 Million Sale of B2B Division

TalkTalk has recently announced its intention to sell its B2B division in a deal worth £95 million as part of its ongoing efforts to break up the business.

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This news follows closely after the company's decision to separate into three independent entities: B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct.

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The sale of the B2B unit allows it to remain under the ownership of TalkTalk's largest shareholders, while also ensuring a separate wholesale connectivity agreement with another TalkTalk division.

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Bloomberg has reported that this deal could potentially be a preliminary move towards refinancing efforts.

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The decision to split the company into three parts was driven by the need to meet debt repayment deadlines, especially with high-yield bonds totaling approximately £685 million set to mature by February 2025.

As part of the demerger process, the current Group CEO, Tristia Harrison, will be stepping down from her role to head an oversight board. Her responsibility will be to oversee the operational separation of the three units, effective from November 1st, and their legal separation, starting from March 1st, 2024.