Liberty Global and Telefonica joint venture officially cleared by the CMA
The merger between Virgin Media and O2 has launched today and has set its sights on “upgrading the UK”.
The new business will be known as ‘Virgin Media O2’ and becomes one of the UK’s largest with 47 million connections across broadband, mobile, TV and home phone.
It employs around 18,000 people and reported equivalent revenue of £11 billion last year.
CEO of the joint company Luts Schüler said: “With the fastest broadband and most reliable mobile network in the UK today, Virgin Media O2 is the complete package.
“We are ready to shake up the market and be the competitor the country needs at a time when choice has never been more important.
“Through investment and innovation in cutting-edge infrastructure and future technology, we will connect more people to the things they love, support communities across the country, help businesses to grow, and power the UK economy.
“With no limit to our ambition, we’re here to upgrade the UK – and our mission starts today.”
The company says it has committed to invest at least £10 billion over the next five years in the UK.
The investment will see the business contribute more to the Government’s connectivity targets, upgrading infrastructure in more parts of the country and bringing greater choice and competition to areas that need it most.