TalkTalk Group states it has made 'significant progress' since its H1 2024 update towards demerging its network wholesale platform business and its residential broadband customer business, with these trading independently as PlatformX Communications and TalkTalk Consumer respectively from March 1st.
The two businesses have agreed with a long-term exclusive wholesale agreement for TalkTalk Consumer to access PlatformX.
The existing TalkTalk Holdings board will remain in place until the refinancing is complete. Sir Charles Dunstone will continue as Chair and Tristia Harrison (pictured) as CEO until that time.
It also reports progress on plans to refinance the Group’s RCF facilities and senior secured notes with maturities in November 2024 and February 2025 respectively.
The Group has entered into an exclusivity agreement with a global financial institution for investment of new equity into Platform X.
Sky reported earlier this week that TalkTalk Group could enter exclusivity talks with Macquarie, but TalkTalk does not confirm here the name of the financial institution.
TalkTalk is working with the same financial institution to raise new debt facilities on Platform from third party lenders.
A debt raise process on the TalkTalk Consumer business is also ongoing.
The Group hopes for total proceeds from the equity investment and third-party debt facilities to refinance the Group’s existing debt facilities in full.