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Wireless

Telefonica agrees sale of O2 UK to 3 for GBP 10.25 billion

Wednesday 25 March 2015 | 08:45 CET | News
Hutchison Whampoa reached an agreement with Telefonica to buy O2 UK for GBP 10.25 billion. The price includes an initial payment of GBP 9.25 billion and an additional GBP 1 billion to be paid once the combined O2 and 3 UK reach a certain cash flow. Telefonica said it plans to use much of the proceeds to pay off its debt. It first announced talks on the sale of O2 in January. Pending approval by regulatory authorities, the companies aim to close the deal by mid-2016. The operators plan to seek competition clearance from the EU. The merger of O2 with Hutchison's 3 UK will create the UK's

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Categories: Mobile & Wireless
Companies: 3 UK / Hutchison Whampoa / O2 UK / Telefonica
Countries: United Kingdom
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