Tom Smith, Geradin Partners, Former CMA Legal Director Focus on TalkTalk M&A options

We recently published a note on TalkTalk upgrading the 1st lien bonds to Overweight and exploring the idea that BT could be a potential acquirer of the asset.

This was followed by press reports that BT could be considering a potential bid for the company.

Meanwhile, there has also been past interest from VMO2 in the whole asset, and Macquarie Capital in a minority stake in PXC (and we are hosting a separate call with Macquarie Capital on July 3rd). Even though Vodafone is busy with the Three UK deal, their name has also been linked to the asset.

Therefore, we are delighted to host a call with Tom Smith, ex-CMA Legal Director and now a Partner at Geradin Partners, to discuss how the CMA might consider any potential deal if anything were to be announced:

- Is there a preferred acquiror?
- How does the CMA consider lengthy merger reviews if an asset is in distress?
- Which market definition here is most relevant?
- Is the political environment getting easier for horizontal mergers?
- What could Ofcom's role be in any TalkTalk M&A situation?
- What remedies might be appropriate?