Liberty and Telefonica completed the merger of their UK operations in a $38bn deal.

Liberty Global, a multinational telecommunications company, and Telefonica, an integrated and diversified telecommunications group, completed the merger of their UK operations in a $38bn deal. The 50-50 joint venture brings together Virgin Media, the UK’s broadband network, and O2, the country’s largest mobile platform. “Combining O2’s number one mobile business with Virgin Media’s superfast broadband network and entertainment services will be a game-changer in the UK, at a time when demand for connectivity has never been greater or more critical. We are creating a strong competitor with significant scale and financial strength to invest in UK digital infrastructure and give millions of consumer, business and public sector customers more choice and value. This is a proud and exciting moment for our organisations, as we create a leading integrated communications provider in the UK,” Jose Maria Alvarez-Pallete, Telefonica Chief Executive Officer. On May 20, 2021, Liberty and Telefonica received CMA approval for their $38bn deal.