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Business moves | Virgin Media and O2 confirm merger

Virgin Media and O2 confirm merger

According to reports released by the Financial Times, the owners of internet, phone and TV provider Virgin Media and cellular network O2 have confirmed a deal (which, until now has been codenamed ‘Project Pink’) to merge the two industry giants into one company – the worth of which will total £31.4billion.

If the deal is allowed to be closed by competition authorities, the newly-formed company, which would be the largest phone and internet provider in the UK, would reportedly be capable of rolling out faster broadband and the utilisation of new 5G networks across the country – posing a direct threat to rivals such as BT and EE.

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