BT Group buys broadband provider TalkTalk to save it from bankruptcy

British Telecom is buying TalkTalk Telecommunications and its subsidiary PlatformX Communications for about $540 million. BT said it’s buying the companies to “keep them out of administration,” which is a U.K. process similar to bankruptcy in the U.S. BT said that by buying the companies it is protecting services for 1.5 million TalkTalk residential broadband customers along with 1 million wholesale customers. TalkTalk and PlatformX were taken private by Toscafund in 2021 and subsequently backed by major creditor Ares Management. TalkTalk is not an infrastructure-based broadband provider. Rather, it relies on wholesale network providers, including BT’s Openreach network to support the delivery of its retail services.