Tiscali shares, which were earlier suspended in Italy pending the statement, were up 8%.
'Competitive UK market'
Tiscali has struggled with its debt, which stands at about 600m euros ($805m;£535m).
It is the fifth largest internet service provider in the UK, with 1.45m broadband customers.
"The transaction should be considered in light of the strong consolidating trend in the highly competitive UK market, evaluating Tiscali UK activities as a whole, thus preserving the value of its industrial assets and know-how within the Carphone Warehouse Group," said Mario Rosso, chief executive of Tiscali.
Carphone Warehouse announced plans last month to separate its mobile phone business from its TalkTalk fixed line and broadband operations.
It operates 2,400 mobile phone shops across Europe in a joint venture with the US retailer Best Buy.
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