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Telent, the Coventry-based telecoms and IT network services firm with about 2,000 staff, is to be acquired by Pension Corporation for £398m.

Telent, the telecoms company, is to relocate from Coventry to an 83,000 sq ft building on the Opus 40 Business Park in Warwick next year, securing the future of 450 jobs.

Telent, the telecom support services company with 2,000 staff at sites in Coventry, Chorley and Basildon, has accepted a £346m takeover offer from Fortress Investment Group of the US.

Telent is to sell its Chorley-based payphones manufacture and repair business to Teknowledge Group for an initial £0.3m.