Failed bidder Opus Broadband express frustration over TalkTalk UK’s sale to BT

UK ISP Opus Broadband, which had previously been working alongside investment firm Alchemy Partners on a c.£100m bid for TalkTalk’s debt-ridden consumer business – before BT stepped in yesterday to avoid a sudden collapse, has today said they were “surprised” by the outcome as they had a “live offer for the consumer business which had not been rejected“.

We think it’s fair to say that, before yesterday, TalkTalk had been trying to dispose of their consumer broadband business for quite a long time. Over the years they’re reported to have courted interest from Virgin Media, Vodafone and, most recently, Opus Broadband, among others.

Opus were more recently considered to be a serious bidder, although reports last month suggested they had retreated from their initial bid, only to later return at the end of September 2026 with a cut price offer (said to be worth c.£100m) for the debt-strained internet provider.

At the time it was widely reported that TalkTalk’s Board had rejected Opus’ most recent approach. ISPreview were not privy to all the internal decision making on this, but BT ultimately stepped in to avoid a disorderly liquidation, which became increasingly likely after it emerged that there wasn’t enough money left to fund even the administration (under corporate law, the Directors might have had to cease TalkTalk’s operations).

Ultimately, TalkTalk deemed BT’s rescue bid to be a better outcome than the offer tabled by Opus, although clearly both time and money had also run out on the negotiations. The BT Group will ultimately acquire TalkTalk and PXC out of administration on a debt-free basis for a total cash impact in FY27 of about £400m. But crucially, this is not a normal purchase by any stretch of the imagination. Part of that money will thus also go toward paying administration costs, trading losses, some working capital movements and other items etc. Nevertheless, Opus has now given their perspective on this.

A spokesperson for Opus Broadband told ISPreview:

“Opus welcomes the news that service to TalkTalk’s customers, including more than 250,000 vulnerable customers, is secure.

We are nonetheless surprised by the outcome. After months of due diligence and negotiation, Opus had a live offer for the consumer business which had not been rejected. Opus’s acquisition had also been cleared by government under the National Security and Investment Act.

That offer would have protected customers, including vulnerable customers, and avoided the competition concerns that arise from BT acquiring the consumer business.

Opus will cooperate fully with the CMA’s review, with government and with Ofcom. Opus’s interest in the consumer business remains unchanged.”

However, it’s worth remembering that the fate of TalkTalk’s consumer business was also being closely linked to separate negotiations for their wholesale (PXC) business (i.e. the consumer side took its products through PXC), which faced its own challenges in trying to reach a deal with Epiris and others. TalkTalk will have thus been taking a view about what was the best solution for the whole Group, not merely one side of it.

As reported yesterday, the government has effectively given the deal with BT a provisional green light by allowing it to avoid the obvious competition concerns. Due to the “potential risk to life and public services“, the Secretary of State said she had issued a Public Interest Intervention Notice under section 42 of the Enterprise Act 2002. The notice allows her to consider the wider public interest of the deal, once the CMA has reported on its competition concerns.

As a side note, BT has provided a bit more detail on how they will approach TalkTalk’s customers who connect via an alternative network. Apparently, there were very few altnet lines left after TalkTalk shifted most of their CityFibre base to another ISP, Rise Fibre, in August 2026 (here). BT said they currently have “no plans” to move those altnet lines that remain with TalkTalk (but remember.. “plans” can change, frequently at short notice).