Carphone to buy Tiscali’s UK operations?
- Added:
- Apr 27, 2009
Mobile-phone retailer and broadband provider Carphone Warehouse is in talks to buy the UK operations of struggling provider Tiscali for roughly 200 million pounds, according to a newspaper report.
Citing a source close to the deal, the Daily Telegraph reported that Tiscali is expecting to receive a binding offer before the end of April.
The Telegraph said the source confirmed Tiscali was holding talks about the "disposal of its activities in the UK".
Tiscali is the U.K.'s fifth-largest broadband provider. Earlier this month Tiscali's auditors refused to sign off the company's annual accounts. Ernst & Young said "fundamental uncertainties" over future operations made it impossible to approve Tiscali's accounts for 2008.
Tiscali, which made a €243m loss in 2008, negotiated a stay of execution from creditors, giving it until June to sort out its finances.
Tiscali, which made a €243m loss in 2008, negotiated a stay of execution from creditors, giving it until June to sort out its finances.
Tiscali, which made a €243m loss in 2008, negotiated a stay of execution from creditors, giving it until June to sort out its finances.
A £200m would be almost a third less than the £550m Carphone offered last year. Carphone Warehouse has so far declined to comment on the report.
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