TalkTalk Strikes £100 Million Funding Deal From Backer Ares

Struggling UK broadband provider TalkTalk Telecom Group Plc agreed to a new £100 million ($134 million) funding deal from its backer Ares Management Corp., less than a year after completing a major financial restructuring.

The new funding facility will come alongside around £50 million of non-core asset sales and tweaking existing debt to allow TalkTalk to capitalize interest, the company said in a statement on Friday, without specifying the lender. Ares, which already holds a minority stake in the company, was the sole financier, according to a person with knowledge of the matter, who asked not to be identified discussing private information.