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Liberty Global
John Hopewell
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Madrid
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Liberty Global
John Hopewell
Spain
Madrid
Liberty Global, Telefonica Merge Virgin Media, O2 in U.K.
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variety.com
variety.comBy John Hopewell Chief International Correspondent MADRID — Fulfilling predictions, John Malone’s cable company Liberty Global and Spain-based Telefonica have created a 50-50 joint venture, merging Liberty Global’s broadband network Virgin Media and Telefonica’s mobile platform O2, Telefonica and Liberty Global announced Thursday.
The merger creates the leading fixed-mobile provider in one of the biggest telecoms market in Europe, with O2 valued at £12.7 billion ($15.7 billion) and Virgin Media valued at £18.7 ($23.2 billion), both on a total enterprise value basis, the partners estimated.
The merged entity will have 34% of the U.K. telecoms market, by revenue, edging out current market leader BT, which has a 32% market share.
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