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5/7, 8:27 AM (Source: TeleTrader)
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UK's O2 and Virgin Media merging in £31B deal

Spanish telecommunications company Telefonica, S.A. announced on Thursday merger between its service provider O2 and Liberty Global's Virgin Media in a £31 billion deal.

The companies are expected to create a major new force in the United Kingdom telecommunications market, as O2 will be valued at £12.7 billion and Virgin Media at £18.7 billion.

Commenting on the agreement, Virgin Media CEO Mike Fries shared his excitement by saying that his company "has redefined broadband and entertainment in the UK with lightning fast speeds and the most innovative video platform, while O2 is widely recognized as the most reliable and admired mobile operator in the UK."

Breaking the News / ND