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Osborne Clarke advises TalkTalk on recommended £1.1 billion takeover offer


Written on 17 December 2020

International legal practice Osborne Clarke is advising TalkTalk Telecom Group PLC on its recommended takeover by Tosca IOM Limited, a company formed at the direction of Toscafund Asset Management LLP and Penta Capital LLP. The offer was announced on 17 December 2020.

Under the offer, each TalkTalk shareholder will be entitled to receive £0.97 in cash for each TalkTalk share, valuing the company at approximately £1.1 billion. As an alternative to the cash offer, TalkTalk shareholders may elect to receive unlisted shares in Tosca IOM Limited. The transaction is to be effected by court-sanctioned scheme of arrangement and is expected to complete in Q1 2021.

TalkTalk is the UK’s leading value-for-money connectivity provider, supplying landline, broadband, TV and mobile services to over four million customers. TalkTalk listed on the London Stock Exchange’s Main Market in 2010 and is a constituent of the FTSE 250 index.

The Osborne Clarke team that is advising TalkTalk on the transaction is led by Corporate Partner Jonathan King, assisted by Senior Associate Kate Mellor and Associate Oliver Woods. Partner Michael Carter and Associate Director Dan Sharman are providing share schemes advice.

Jonathan King said: “Osborne Clarke has advised the TalkTalk business for many years, including on its demerger from the then Carphone Warehouse back in 2010.  It’s been a pleasure to continue that journey alongside the TalkTalk team and its other advisers on this key strategic transaction.

Osborne Clarke’s Corporate team, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.