Tiscali close to a sale

It is believed that talks between the struggling internet service provider Tiscali and the Carphone Warehouse are going well; in fact it is speculated that offers have been made and possibly already agreed upon.

The figure being thrown around is something in the region of £200 million to £250 million.

This would go a long way in helping the Italian ISP which has debts estimated at around £550 million and is under pressure from banks, with action needed now.

Carphone Warehouse has always been in the frame to take on the UK division of Tiscali, yet its initial offer was flatly refused and the Carphone Warehouse was out of the bidding.

But now Tiscali has run out of time and options, leaving it few places to go other than back to the initial bidder.