Telefónica and Liberty complete merger of their UK subsidiaries
Telefonica u Freedom in the world They stopped Merger of their UK operations, O2 and Virgin Media VMED 02 UK, 50% owned by the two, once the necessary authorizations to form a joint venture have been obtained from the country’s competition and market authorities on May 20
“The formation of this joint venture brings very significant value to Telefónica from a business and financial perspective, and a fund of £ 5.5 billion, of which £ 2.7 billion is Liberty’s cash payment Global’s Telefónica, so that the JV and The stake in 2,800 is to be compensated. The million pounds corresponds to the gross funds of the recapitalization, ”assured the company in a statement.
With this operation, Telefónica It also manages to reduce the net debt to 5,000 million euros, As reported in the relevant incident sent to the National Securities Markets Commission (CNMV).
The £ 31.6bn (approx. € 43.3bn) transaction will form the UK’s largest telephone and internet operator, providing customers with fixed and mobile telephony, the broadband and television, the BT group will become its biggest competitor.
The operation, which links the fixed broadband operator Virgin Media and Mobile O2, Will generate ‘substantial synergy’ worth £ 6.2 billion (€ 7,189 million at current exchange rate), at net present value and excluding integration costs.
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