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Mass media / Information Agency

O2 and Virgin Media agreed to merge

Russian Britaniya 07.05.2020 at 17:19

The Telecommunications company Liberty Global and Spanish Telefonica have agreed to merge operators Virgin Media and O2, the amount of the transaction will amount to £38 billion, said in a joint statement by the companies.

Telefonica and Liberty agreed to merge their telecommunications assets in the UK, – stated in the message companies.

the transaction will create a joint venture with equal shares of the two shareholders. The total market value of the merged company will amount to £38 billion.

under the deal, Liberty Global will pay Telefonica cash of £2.5 billion to align ownership stake in the combined company. The transaction is expected to be completed in mid-2021, after regulatory approval.

O2 is serving in great Britain about 34 million users, Virgin Media about 6 million users of broadband and cable television and nearly 3 million mobile subscribers.

In 2016 Telefonica tried to merge O2 with Hutchison 3G UK operator Three UK, but the deal was blocked by European regulators.