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TalkTalk To Sell FibreNation And Certain Assets To CityFibre For £200 Mln

TalkTalk Telecom Group plc (TALK.L) announced Tuesday that it has agreed to sell FibreNation Limited and TalkTalk's shareholding in Bolt Pro Tem Limited to CityFibre Infrastructure Holdings Limited and CityFibre Holdings Limited.

The aggregate cash consideration is 200 million pounds, and the sale is conditional upon shareholder approval.

The completion of the sale is expected to occur in March 2020.

TalkTalk said it intends to use the net proceeds from the sale to strengthen its balance sheet.

The company has already received commitments from shareholders holding, in aggregate, 57.5 percent to vote in favour of the sale.

Tristia Harrison, Chief Executive of TalkTalk, said, "The sale of FibreNation to CityFibre, in combination with a competitive wholesale agreement, enables us to continue our strategy to accelerate TalkTalk's fibre growth for our residential and business customers, thereby delivering a superior customer experience at an affordable price."

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