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Tiscali news

Broadband provider Carphone Warehouse is closing in on the acquisition of rival Tiscali, according to reports.

In a move which would create the country's second-biggest broadband supplier, both companies are said to be working towards a deadline of tomorrow (May 7th), the Times suggests.

Although the newspaper claims that the price which Carphone Warehouse has offered for the Italian firm is as yet unknown, Tiscali is understood to be keen to lower its outstanding debts of approximately £492 million.

Tiscali was locked in talks with the satellite broadcasting giant BSkyB last month, but discussions apparently broke down after the group failed to match a price of between £500 and £600 million.

Its financial difficulties were highlighted earlier this year by the decision of auditors Ernst and Young not to sign off Tiscali's 2008 accounts.

The Italian broadband provider was founded 11 years ago by the former regional president of Sardinia Renato Soru, who initially launched the group as a regional telephone operator and internet service provider.

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