Telecom service provider EE is set to buy 58 smartphone retail stores from Phones 4U.
EE said the deal, agreed with administrators PwC, would save 359 jobs.
EE is following the footsteps of Vodafone.
On Friday, Vodafone, one of the rivals of EE, decided to take over 140 of Phones 4U’s outlets.
Both EE and Vodafone did not announce financial details.
Phones 4U collapsed when it failed to reach deals with EE and Vodafone to sell their services.
Phones 4U relied on deals with EE and Vodafone to sell their services but both pulled out of negotiations to agree fresh contracts.
Phones 4U founder John Caudwell blamed the demise of the company on the ruthless actions of predatory” mobile phone networks, said a BBC report.
EE said its decision to end its relationship with Phones 4U was based on its strategy to focus on its own shops and cut out intermediaries.
With more than £200 million in debt, Phones 4U had operated more than 700 outlets and had almost 5,600 staff.
Administrators PwC confirmed last week that 628 employees at Phones 4U head office in Newcastle-under-Lyme are losing their jobs.