Tiscali to sell UK assets to Carphone

Tiscali is in talks to sell its UK arm to telecoms provider Carphone Warehouse, having looked for a buyer for the struggling UK business for more than a year. Tiscali admits it is in talks to sell its UK assets, although it has not confirmed any details. Shares in Tiscali jumped 19.7% after sales rumours begain circulating. A report by Italian newspaper, Milano Finanza, claims that a binding offer with Carphone is due to be reached by the end of April. Tiscali is reportedly keen to finalise the deal quickly due to its ongoing debt reorganisation. The Italian ISP's debts stand at EUR500m. Reports of Carphone's interest in Tiscali date back to last year, with the firm twice rumoured to be the front-runner to buy the UK assets, before talks collapsed over price issues.