365 nets Teletalk
- Added:
- Apr 30, 2000
According to 365, the acquisition of Teletalk, which was owned by the FT before a management buyout in 1997, will make it the UK's largest single provider in the companionship sector.
Under the agreement, Teletalk will receive 3m in cash, 1,308,900 365 shares and, depending on its performance over the next two years, a further 1m cash payment. Directors, Ian Waight and Jackie Ware, will join 365's lifestyle management team and continue to drive Teletalk's core business and customer relations.
Nik Philpot, director of 365, said that the acquisition of Teletalk, whose products are being enhanced to allow distribution across multi-platforms including the internet and WAP, reflects 365's commitment to a convergence strategy, and has the potential to increase revenue streams across new and existing media.
Teletalk will join online dating service, personals365, and thewitch, a multi-platform service for online and telephone chat in 365's lifestyle portfolio.
For the year ending December 31, 1999, Teletalk had net assets of 220,496, and made a pre-tax profit of 525,013.