May 7, 2020

O2 and Virgin Media agree to merge

Mobile operator O2 and broadband giant Virgin Media are to merge, creating one of the country's largest entertainment and telecoms firms. Virgin has about six million broadband and cable TV customers and another three million mobile users. As well as having its own subscribers, O2 provides the network for Tesco Mobile, Giffgaff and Sky Mobile,. The companies said O2 would be valued at £12.7bn and Virgin Media at £18.7bn, both on a total enterprise value basis. "O2 [is] to be transferred into the joint venture on a debt-free basis, while Virgin Media to be contributed with £11.3bn of net debt and debt-like items," the firms said in a joint statement.

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