Telefonica confirms talks to merge Britain’s O2 and Virgin Media

MADRID: Spain’s Telefonica SA confirmed on Monday it has opened talks with billionaire John Malone’s Liberty Global Plc over a possible merger of the two companies’ businesses in Britain.

The talks to merge Telefonica’s British mobile operator O2 and Liberty’s Virgin Media network company have just started, the Spanish company said.

“The process started between both parties is in the negotiation phase, with no guarantee, at this point, of its precise terms or its probability of success,” Telefonica said in a filing to the Spanish market regulator.