TalkTalk has agreed a £1.1 billion takeover led by its second largest shareholder.
Toscafund and a private equity investor partner will take control of the telco as part of an agreement that will also see the company being delisted from the London Stock Exchange.
The offer of 97p per share is lower than the original 135p offer made by Toscafund last year.
Chairman Sir Charles Dunstone, who is also the company’s largest shareholder, said that by being taken private the company the company would be able to accelerate the adoption of fibre services. “The telecoms industry is going through a fundamental reset and we are keen to play our part in it.”
The reset includes the proposed merger of cable company Virgin Media with the mobile operator O2. The deal is currently being investigated by competition regulators.
TalkTalk, while being the UK’s fourth largest broadband company, sold its FibreNation business to CityFibre for £200 million.