May 07 - 14:05
O2 and Virgin Media agree £31 billion merger
O2 and Virgin Media, two of the UK's biggest telecoms companies, have agreed to merge. The £31 billion combination will create a challenger to BT. It still needs to gain regulatory approval, with some watchdogs already expressing concerns about the impact on consumers. Telefonica and Liberty Global, owners of the respective firms, says it will invest £10 billion in the UK over the next five years.
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