UK: Telefonica finalizes deal to sell mobile phone network O2 for £10bn
March 25 , 2015
Telefonica has clinched a £10.25 billion deal to sell its mobile phone network O2 to Hutchison Whampoa, effectively creating Britain’s largest mobile operator.
The two firms said a “definitive agreement” had been reached on a deal.
Hutchison owns the UK’s Three mobile network.
The deal’s completion, however, requires regulatory approval and the entire process could take a year.
The coming together of the two networks would give the combined entity a market share of more than 40% in the country.