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UK broadband company TalkTalk to split into three, CEO to step down

Reuters
·1 min read
FILE PHOTO: A woman speaks on her phone as she passes a branded logo outside the Talktalk headquarters in London

LONDON (Reuters) - TalkTalk, a British broadband company owned by Toscafund, said on Wednesday it would split into three standalone companies focused on business-to-business wholesale telecoms services, consumer broadband and small businesses.

Chief Executive Tristia Harrison will chair a new oversight board until the group legally splits on 1 March, 2024, when she will become a non-executive director of the wholesale company, TalkTalk said in a statement.

There will be a limited number of redundancies as a result of the split, TalkTalk said.

The value-focused provider, which has 2.4 million residential customers, was listed until December 2020, when it was taken private by shareholder Toscafund, private equity owner Penta and founder Charles Dunstone in a 1.8 billion pound ($2.19 billion) deal.

($1 = 0.8228 pounds)

(Reporting by Paul Sandle; editing by Sarah Young)