O2, Virgin Media to merge into £38-bn UK telco giant

Madrid (AFP) – Telefonica and Liberty Global on Thursday said they would merge their UK units O2 and Virgin Media to create a £38-billion telecoms giant that could shake up the British market. The mega-deal is the biggest tie-up to be unveiled since the coronavirus pandemic hit home in March, sending most of the planet into lockdown and dealing a major blow to the global economy.Until now, O2, which is owned by Spain’s Telefonica, and Virgin Media, which is owned by US cable giant Liberty Global, have been rivals.The merger values O2 at £12.7 billion and Virgin Media at £18.7 billion, and is e…

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