Hutchison Whampoa buys O2 for £10bn

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Published: Tuesday 24th March 2015 by The News Editor

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Hong Kong-based Hutchison Whampoa will become the UK’s largest mobile phone operator after agreeing a deal to buy O2.

European phone operator Telefonica had been in talks with Hutchison Whampoa Ltd (HWL) for weeks, and tonight said it has reached an agreement to sell its British arm, O2, to the conglomerate for £10.25 billion.

Spain-based Telefonica said that the deal was reached after due diligence over O2 was completed. It added that the completion of the sale is subject to regulatory approval.

HWL already owns the Three network and in acquiring O2 will become the UK’s biggest mobile operator ahead of EE, itself recently the subject of a takeover.

O2, formerly known as BT Cellnet, was spun off from BT in 2001 before being bought by Telefonica for £17.7 billion in 2005.

Published: Tuesday 24th March 2015 by The News Editor

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