Telefónica O2 confirms the sale of Hutchison – The Universal

The Universal

Wednesday March 25, 2015
 

The operation amounts to more than 10 million pounds, and with it the market consolidation accelerates Telecommunications in Europe
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Telefónica yesterday announced a definitive agreement to sell its British subsidiary O2 mobile operator Hutchison, amounting to 10,250 million pounds, in an operation that accelerates the consolidation of the telecommunications market in Europe.
 

 This amount is divided into a first payment of 9,250 million pounds, and an additional payment of 1,000 million once O2 reaches a figure agreed accumulated cash flow.
 

 

 The closing of the transaction, once obtained the approval of the relevant authorities, is expected in 2016 and Telefonica said it will use the funds to place their leverage below 2.35 times.
 

 

 With the operation, Hutchison will be 22 million customers and position itself as the largest mobile operator in the UK, to unite the business to Three, where it already operates.
 

 

 The operator will focus on its strategic markets of Spain, Germany and Brazil. Reuters
 

 
         

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