BT strikes deal to rescue broadband firm TalkTalk; euro slides amid France debt burden fears – business live

TalkTalk’s wholesale and consumer arms will be sold to BT on a debt-free basisClive Selley will lead the stabilisation and integration planning of the acquisition, BT said. He was appointed as head of BT’s international business in April, after running Openreach for more than 10 years.Martijn Blanken will take over his role as CEO of BT International, in addition to being CEO-designate of BT’s proposed international joint venture with Verizon.This is a genuinely unprecedented situation, where millions of citizens and businesses were at risk if TalkTalk had collapsed. BT is the digital backbone of the country, with a presence in every postcode. We have been connecting the nation for generations, stepping up in the moments that matter, and BT acquiring TalkTalk is now the only viable option to keep millions of customers connected and supported.Our immediate priority is to stabilise the business and provide a safety net for the households and businesses who rely on TalkTalk. Once the regulatory process has been concluded, TalkTalk’s customers will benefit from access to the UK’s best network, and the full range of market-leading products and services that BT offers. And, over a period of time, the transaction will create value for all our stakeholders – customers, colleagues, the country, and our owners. Continue reading...