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TalkTalk enters agreement to buy SSE Phone & Broadband

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After reaching a deal last week, TalkTalk is prepared to purchase SSE Phone & Broadband. All existing SSE customers and the company’s staff will switch to TalkTalk in the upcoming months after the purchase has been finalized.

 

This sale will allow Ovo Energy to concentrate on its core energy business, which the company acknowledges is a difficult position right now. For TalkTalk, the focus is on gaining economies of scale.

 

The services delivered to customers won’t change right away, according to OVO, and TalkTalk confirmed that this is also true for the terms and conditions that apply to those customers until their current contract expires.

 

These developments have come in the wake of rumors that Virgin Media O2 is considering acquiring TalkTalk, which was returned to private ownership under Tosca IOM in a £1.1 billion transaction late last year. According to reports, the firm might be valued at over £3 billion in the prospective acquisition.

 

SSE’s household energy and broadband business was first purchased by Ovo for £500 million in January 2020, the sum being made up of £400 million in cash and £100 million in loan notes. The COVID-19 epidemic and the sharp increase in energy costs, however, have now caused a wave of challenges for the majority of UK energy suppliers.

 

A TalkTalk spokesperson said: “We are delighted to be welcoming SSE Phone & Broadband customers and team to TalkTalk this Autumn. As the country’s only scale affordable provider, we look forward to providing our high-quality service at the best possible value.”