CK Hutchison-backed Three to acquire O2 from Telefonica for $12.9bn.

CK Hutchison-backed Three, a global brand name under which several UMTS-based mobile phone networks and broadband internet providers operate, agreed to acquire O2, the UK’s largest mobile platform, from Telefonica, an integrated and diversified telecommunications group for £10.5bn ($12.9bn). “Three’s leadership in mobile data together with O2’s strength on network coverage is a great combination that will bring very real benefits to businesses and consumers throughout the UK. The highly complementary network assets will deliver market-leading coverage and capacity for talk, text and data and will be well placed to satisfy rapidly growing demand,” David Dyson, Three CEO.