Telefonica and Liberty Global to combine U.K. operations in 50-50 joint venture
Spain's Telefonica SA TEF, -3.32% TEF, -2.26% and U.S. tycoon John Malone's cable group Liberty Global LBTYA, -2.59% on Thursday said they will merge their U.K. operations in a 50-50 joint venture. The deal values Spain's O2 at £12.7 billion and Liberty Global's Virgin Media at £18.7 billion , and is expected to deliver synergies of £6.2 billion .
Both parties will receive net cash proceeds at the close of the deal -- expected in mid 2021 -- after a series of recapitalizations -- £5.7 billion for Telefonica and £1.4 billion for Liberty Global . The deal, which ends days of speculation, is expected to reshape the U.K telecom industry, creating a competitor to the country's top operator, BT Group, BT.A, -0.95%.
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