While talks around a potential merger have been in the news since the beginning of the month, it only took only until May 7, 2020 for Spanish-based network operator Telefonica and the multinational telecommunications company Liberty Global to announce the merger between their U.K. operations O2 and Virgin Mobile in a 50-50 joint venture. The move will see O2 being transferred into the joint venture on a debt-free basis, while Virgin Mobile will contribute a combined US$13.89 billion (GBP 11.3 billion). Subject to regulatory approval, the transaction will be completed during 2021.
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