Mergers and Acquistions News
Categories: Telecoms
May 8th 2009, 13:40PM
Carphone Warehouse is set to acquire the UK operations of broadband provider Tiscali, it announced today (May 8th).
The £236 million acquisition will see Carphone Warehouse become the UK's second-biggest broadband provider after BT Group, bringing its total number of subscribers to 4.25 million – over a quarter of the residential market.
Last year struggling Italian firm Tiscali failed to reach a deal on its British assets as a result of poor market conditions and increasing competition in Italy and the UK.
Charles Dunston, chief executive officer of Carphone Warehouse, said the deal "delivers clear shareholder value, with significant enhancement to this year's earnings per share and substantial synergies to be achieved next year and beyond".
Shareholders can expect to benefit from a ten per cent lift in earnings, according to Carphone Warehouse, which announced last month that it had taken on an additional 74,000 broadband net customers in the fourth quarter of 2008.
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