Tiscali Close to UK Sale
In response to media reports, Tiscali issued a statement saying that it "confirms the existence of negotiations for the disposal of its activities in the UK. Such negotiations take place in parallel with the debt renegotiation process."
The news sent Tiscali's share price up nearly 21 percent to €0.39 Friday morning.
Reports, such as this one in The Guardian, suggest Carphone Warehouse Group plc (London: CPW) is the potential buyer.
Negotiations with Sky collapsed in March, leading Tiscali's management to initiate a restructuring process. (See Tiscali to Restructure.)
Tiscali, which earlier this year sold its international network operations, is currently trying to renegotiate its bank debt, so selling the U.K. business would go a long way towards easing its financial burdens. (See Tiscali's Troubles Deepen and Tiscali Sells Int'l Unit .)
— Ray Le Maistre, International News Editor, Light Reading