TalkTalk nears administration as BT and Ares clash over rescue deal

BT is expected to acquire TalkTalk via a pre-pack insolvency process, having asked the government to waive competition hurdles. Talks between BT and Ares continued over the weekend, with BT's offers so far rejected. The fate of TalkTalk's roughly 900 staff remains unclear.

Separate sale talks continue for TalkTalk's consumer arm, serving 1.5 million customers, and its wholesale network PXC. A collapse would leave bondholders, lenders and shareholders, including founder Sir Charles Dunstone, facing substantial losses.