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Australian banking group set to take £450m share in TalkTalk’s Platform X

TalkTalk's Soapworks Campus

Australian financial services giant Macquarie Group is closing in on a deal to buy 40% of Salford telecom firm TalkTalk’s wholesale arm for £450m, according to a report from Sky News.

Sky reports that Macquarie could sign an exclusivity agreement this week that would pave the way for the major investment in PlatformX, the name given to TalkTalk’s wholesale platform.

The proceeds would be partly used to pay down the company’s debt pile amid a wider break-up, the sources added.

TalkTalk’s business arm has already been sold to a syndicate of the group’s existing shareholders for £95m, while its consumer arm is expected to be put up for sale in the coming years.

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