Virgin Media, the UK cable operator owned by John Malone’s Liberty Global, has agreed a major merger with telecoms giant Telefonica’s British mobile company O2 in a deal worth £24B ($29…
The two companies will form a 50:50 joint venture, which Liberty Global and Telefonica hopes will become an internet and mobile powerhouse as demand for super-fast broadband grows and 5G rolls out across the UK.
The combined companies will have 46M video, broadband and mobile subscribers in the UK, while their joint revenue is worth £11B. The merger will create savings of £6.2B, mainly from reducing capital expenditure.
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