Plan for £10bn takeover of O2 would create biggest mobile operator in the UK A £10bn deal to create the UK’s biggest mobile phone operator could take place if O2 is sold to Three‘s owner Hutchison Whampoa. The Hong-Kong based group has entered exclusive talks to buy O2, which is the UK’s second biggest mobile phone operator after market leader EE. O2 is being sold by Spain’s Telefonica after BT spurned the chance to buy the business in favour of EE. Tycoon Li Ka-Shing’s Hutchison group said it had entered talks “over a period of several weeks” to buy O2 for £9.25bn in cash followed by deferred payments of up to £1bn. Telefonica confirmed the talks, saying the deal marks another step in its transformation process which it said would allow the company to strengthen its financial flexibility. Industry figures from Espirito Santo show EE as the biggest of the mobile phone players with 35.2 per cent of the market followed by O2 on 28.5 per cent. O2’s share with Three’s 8.4 per cent share would see the combined firm climb to first place. Hutchison said the deal is subject to due diligence over O2, agreement on terms and signing of agreements, and obtaining the required corporate and regulatory approvals. The proposed [...] leedsinnews/plan-for-10bn-takeover-of-o2-would-create-biggest-mobile-operator-in-the-uk/
Posted on: Sun, 25 Jan 2015 07:45:38 +0000
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