What you need to know
- Two of the UK's biggest telecoms companies are merging.
- O2 and Virgin Media are joining forces in a 50-50 venture.
- The deal is said to be worth some £31 billion ($38 billion).
Telefónica has today announced that it is merging its U.K operations with Liberty Global, meaning that Virgin Media and O2 are coming together in a 50-50 joint venture.
The release notes that the merger will result in £10 billion worth of investments in the UK over the next five years. CEO of Telefonica, Jose Maria Alvareze-Pallete said:
Twitter was rightly less enthused at the prospect:
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