Tiscali in Talks with Buyers Again for UK Arm
Tiscali is again attempting to sell its UK operations to raise the money required to clear out its debts. This is welcome news for the debt-ridden Italy based internet service provider.
The bad news is that even though the talks this time are likely to bear fruit, the asking price has dropped significantly. Tiscali will only get half of what it had hoped to get at the beginning of its ordeal.
In an official statement delivered by a spokesperson, it was confirmed that talks are indeed going on to explore ways to wrap up the company’s activities in the UK. It is widely expected that the company would be selling off the operations to the largest bidder in order to repay some of its £453 million debt.
The Carphone Warehouse has again emerged as a leading contender amongst those who are interested in buying the company. In an unrelated announcement, Carphone has said that it intends to demerge from broadband service provider TalkTalk. Tiscali’s talks with Carphone had originally broken down because Carphone had found the asking price too high. For information on the various broadband providers, click here.
After starting with £600 million, Tiscali has been forced to come down to an asking price of £250 million. This decision was inevitable after negotiations fell through, one after the other.
