PRESS: VodafoneThree submits bid for TalkTalk consumer unit - FT

(Alliance News) - Vodafone Group PLC's UK arm VodafoneThree has submitted a bid for the consumer operations of TalkTalk Telecom Group Ltd, as the telecoms operator seeks to accelerate growth in home broadband, the Financial Times reported on Tuesday.

The newspaper said VodafoneThree, the UK's largest mobile operator, entered the auction process for TalkTalk's consumer division after previously declining to participate, citing people familiar with the matter.

VodafoneThree was among several parties to submit second-round bids last week for the business, which has around 1.75 million customers, according to the FT. Research firm New Street Research estimates the division could be worth between GBP200 million and GBP300 million.

The company, created through the GBP16.5 billion merger of Vodafone UK and Three UK last year, is targeting more than four million broadband customers by the early 2030s, roughly double its current base, the FT said.

TalkTalk, founded by Charles Dunstone and taken private by Toscafund in 2021, has faced financial pressures in recent years. Its customer base has declined from more than 2.5 million in 2023 to 1.75 million as of May, the report noted.

The FT said TalkTalk is also seeking a buyer for its wholesale division, PXC, while shareholders including Ares Management Corp have injected cash into the company in recent years to support liquidity.

A VodafoneThree spokesperson told the FT the company remains "very happy with our organic strategy" in broadband but added it continues to monitor developments in the market.

Shares in Vodafone were up 0.9% at 110.80 pence in London on Wednesday afternoon.

By Eva Castanedo, Alliance News reporter

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