4th May 2020 13:06
(Alliance News) - Spanish telecommunications company Telefonica SA confirmed Monday that it is in talks with broadband provider Liberty Global PLC for a potential merger of their UK operations.
Telefonica said, in response to press reports, the process is currently in "a negotiation phase", and it is not able to guarantee the precise terms or probability of the success of the talks.
On Friday last week, Bloomberg News reported that the potential deal would unite Telefonica's O2 wireless unit and Liberty Global's Virgin Media business.
This could produce a stronger rival to Vodafone Group PLC and BT Group PLC's EE.
Shares in Telefonica were up 4.3% at EUR4.36 on Thursday in Madrid.
By Dayo Laniyan; [email protected]
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