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TalkTalk to hire advisers to oversee company breakup - report
(Sharecast News) - TalkTalk is reportedly preparing to hire City advisers to oversee a break-up of the company. According to Sky News, investment banks were asked to pitch this week for a mandate to oversee a potential sale of TalkTalk's two remaining businesses: its consumer arm and PXC, its wholesale and network division.
City sources told Sky on Friday that Barclays and Morgan Stanley were among the banks in the frame to oversee the strategic review, which has been triggered by separate unsolicited approaches for both parts of the group.
TalkTalk was also said to be in talks to raise a further £100m from a combination of existing investors and asset sales.
Sources told Sky the company has recently drafted in advisers from Alvarez & Marsal, the professional services firm, to assist its finance function with liquidity management.
TalkTalk has more than 3m broadband customers, with parts of its customer base expected to be sold as part of its efforts to raise money.
It completed a £1.2bn refinancing late last year, but has been under pressure from bondholders to raise additional capital.
Sky said the likely proceeds from the sales of its two divisions were unclear on Friday.
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