UK ISP and telco TalkTalk has renegotiated the takeover price for Tiscali UK, which it acquired for £236m last summer.
A £21m reduction resulting from previously announced changes in customer numbers will be partially offset by a £6m working capital…
UK ISP and telco TalkTalk has renegotiated the takeover price for Tiscali UK, which it acquired for £236m last summer.
A £21m reduction resulting from previously announced changes in customer numbers will be partially offset by a £6m working capital adjustment, the company said.
As such TalkTalk will be able to claim a £15m net cash benefit.
Renegotiations started last year, when it emerged that Tiscali’s UK assets had 160,000 customers less than expected.
The deal had been based on a per-customer basis, leading some to predict that the sale price could have dropped by as much as £25m.
Reporting its first quarter results last week, TalkTalk said it had 4.2 million broadband customers. When it announced the acquisition last year, it had said the two companies would have a combined 4.25 million customers.
JPMorgan advised Tiscali on its sale last year, having also been a lender to the heavily indebted ISP alongside Intesa Sanpaolo.
