John Malone’s Liberty Global has agreed to merge its U.K. cable operator Virgin Media with Telefonica’s British mobile unit O2.
The two companies have agreed to form a50-50 joint venture of their U.K. units in a deal reportedly worth $29.57 billion. The tie-up, which comes as the U.K.
gears up for a national rollout of 5G services, is expected to save the new combined entity $7.64 billion in synergy costs and is expected to close in the middle of 2021.
Virgin Media, which Liberty Global acquired in a $16 billion deal in 2013, has focused on offering multiple products, including pay TV, broadband and phone services.
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