LONDON (dpa-AFX) - British telecommunications company BT Group plc (BT-A.L) said Monday that it has acquired TalkTalk Telecommunications Limited and PlatformX Communications Limited out of the administration of TalkTalk Group on a debt-free basis.
The acquired businesses serve about 1.5 million retail customers and 1 million wholesale customers across the UK.
BT said the total cash impact in fiscal 2027 is estimated at around £400 million. This includes consideration, transaction and administration costs, working capital impacts, a trading loss of around £60 million for the remainder of the fiscal year, and the non-receipt of around £100 million otherwise due to Openreach.
The company reaffirmed its fiscal 2027 and multi-year financial outlook, including its expectation for Normalised Free Cash Flow to reach around £2.0 billion in fiscal 2027 and around £3.0 billion by the end of the decade, excluding the effects of the transaction.
BT also confirmed that Clive Selley CBE will lead the stabilisation and integration planning with immediate effect, while Martijn Blanken will take over Selley's role as CEO of BT International, in addition to serving as CEO-designate of BT's proposed international joint venture with Verizon.
TalkTalk reported revenue of around £1.2 billion in the last 12 months. BT expects the acquisition to become value accretive over time as the business is stabilised and synergies are realised.
A regulatory review of the transaction is expected to take place over the coming weeks.
On the LSE, BT shares closed up 2.86$ at 196.30p on Friday.
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