A deal has been agreed that will see TalkTalk taken over by its second largest shareholder.
A stock market announcement revealed the deal to be worth £1.112bn after the offer from Toscafund Asset Management was received back in October. Private equity firm Penta is also part of the deal.
The offer was for 97p per share, meaning a 16.4% premium on the closing price.
Ian West, senior non-executive director, on behalf of the Independent TalkTalk Directors, said: "Having considered in detail the best interests of all shareholders and TalkTalk as a whole, we believe that the cash offer from Toscafund provides an opportunity for shareholders to recognise immediate value for their shares.
"The Independent TalkTalk directors believe, taking into account the advice they have received, that the terms of the cash offer are fair and reasonable and are unanimously recommending that shareholders accept the cash offer."
Toscafund and Penta said the deal came following the company's "resillient" trading performance in 2020, which this week showed a small loss and a drop in revenues.
The deal means FTSE250 listed TalkTalk will go private.
TalkTalk's chairman Sir Charles Dunstone said: "As the UK transitions to full fibre we have a hugely challenging, but exciting opportunity.
"Being a private company would allow us to accelerate adoption and focus on our role as the affordable provider of fibre for businesses and consumers nationwide - the telecoms industry is going through a fundamental re-set and we are keen to play our part in it."
