Liberty Global Plc and Telefonica SA have agreed to merge their British businesses in a $38 billion deal including debt that will step up the challenge to market leader BT in mobile and broadband.
) have agreed to merge their British businesses in a $38 billion deal including debt that will step up the challenge to market leader BT in mobile and broadband.
In the biggest shake-up in the British telecoms market for five years, the deal will bring together the biggest cable TV provider in Liberty’s Virgin Media with Telefonica’s O2, the second-biggest mobile operator. It will also allow debt-laden Telefonica, which tried and failed to sell O2 in 2016, to extract some cash from the business while keeping a presence in Britain.
Telefonica Chief Executive Jose Maria Alvarez-Pallete said the two businesses would be “much stronger together”.
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