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Telefonica to hold on to O2 UK - report

Monday 30 May 2016 | 10:10 CET | News
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Telefonica is leaning toward holding on to O2 UK rather than seek another buyer, a person with direct knowledge of the matter told Bloomberg. While Telefonica's priority is to reduce leverage, the company is better off with O2 in its portfolio than without it, said the person. The company will continue to seek ways to raise cash in other ways in order to reduce its debt, the report said. The European Commission earlier blocked Telefonica's GBP 10.3 billion sale of O2 to CK Hutchison due to competition concerns. Telefonica had planned to use the proceeds to reduce its EUR 50.2 billion in debt.

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Categories: Mobile & Wireless
Companies: European Commission / O2 UK / Telefonica
Countries: United Kingdom
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