By Jake Kanter International TV Editor 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 ($29.57B).
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.
In a joint statement, Liberty Global and Telefonica said they expect to complete the merger by the middle of next year, subject to regulatory approval.
They said the merger will create savings of £6.2B. More follows Subscribe to Deadline Breaking News Alerts and keep your inbox happy.
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