May 24, 2018 / 6:09 AM / 7 months ago

BRIEF-Talktalk Telecom to sell direct B2B business to Daisy Group for 175 million pounds

May 24 (Reuters) - Talktalk Telecom Group PLC:

* TALKTALK TELECOM GROUP PLC ANNOUNCES PROPOSED SALE OF DIRECT B2B BUSINESS

* TALKTALK TELECOM GROUP PLC (“TALKTALK”) HAS TODAY ANNOUNCED PLANS TO SELL ITS DIRECT B2B BUSINESS TO DAISY GROUP (“DAISY”) FOR £175M

* TALKTALK AND DAISY HAVE SIGNED HEADS OF TERMS ON A PROPOSED DEAL WHICH WOULD TRANSFER ALL EXISTING TALKTALK DIRECT B2B CUSTOMERS TO DAISY

* DEAL INCLUDES AROUND 80,000 SOHO, SME AND LARGE ENTERPRISE CLIENTS, AND REPRESENTS LESS THAN 20% OF TALKTALK’S B2B REVENUES

* TRANSACTION IS SUBJECT TO CONTRACT WITH INTENTION TO COMPLETE IN LATE JULY 2018

* DAISY HAS BEEN GRANTED A PERIOD OF EXCLUSIVITY TO CONCLUDE PROPOSED TRANSACTION

* PROPOSED SALE WOULD NEGATIVELY IMPACT TALKTALK’S FY19 EBITDA BY £15M Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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