BT acquires TalkTalk in rescue deal, saving 900 jobs

BT has agreed to buy broadband supplier TalkTalk out of administration for about £400m, safeguarding 900 jobs.

• BT has agreed to acquire TalkTalk and its wholesale business PlatformX Communications from administrators, transferring all 900 employees.
• BT said it expects a £400m cash hit from the deal, including transaction costs, a £60m trading loss and £100m in uncollected Openreach revenue.
• Digital secretary Lisa Nandy has intervened, citing risks to public services and vulnerable customers if TalkTalk's broadband services were disrupted.
• BT chief executive Allison Kirkby said the deal provides "a safety net for the households and businesses who rely on TalkTalk."
• BT described the situation as unprecedented, saying the deal protects services for 2.5 million consumers and prevents disruption to emergency, health and defence infrastructure.