Telefónica, the Spanish telecoms company, has agreed to buy O2, the UK-based indepenent mobile phone operator for £17.7 billion. The company said the deal would provide enhanced scale by taking it into two of Europe’s largest markets, Germany and the UK.
The companies said that O2 would retain its existing brand and would continue to be based in the UK. It will continue to be led by current management. Sir David Arculus, chairman of O2, and Peter Erskine, chief executive will join the board of directors of Telefónica.
31-Oct-2005
