Jul 15, 2022
Virgin Media O2 submits bid for UK rival TalkTalk
Virgin Media O2 has made a bid for smaller rival TalkTalk, as UK telecoms groups seek to bulk up in a highly competitive and fragmented market, according to people familiar with the matter. The bid from Virgin Media, which is owned by Telefónica and Liberty, for privately held TalkTalk values the group at about £3bn, according to Sky, which first reported the approach. There are four key companies in the UK's broadband market - BT, Sky, Virgin Media O2 and TalkTalk. "Virgin Media could also over time shift TalkTalk over to its network, which would be very lucrative," he added, noting that TalkTalk only bought internet services from wholesale providers such as BT's Openreach. A formal bid from Virgin Media O2 could increase pressure on Vodafone's chief executive Nick Read to put forward a counter-offer, which might be looked upon more favourably by regulators.
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