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Spain/Ireland: Telefonica sacrifices O2 to reduce debts

By  |  June 24, 2013

Cash-strapped Telefonica, based in Spain, has reportedly found a buyer of its O2 Ireland mobile telecom business in a sale worth about $1 billion. Reports say Hutchinson Whampoa’s unit 3 Ireland will acquire O2, quadrupling 3 Ireland’s market share up to 37.5 percent. The deal, which remains subject to regulatory approval, will come as good news to Hutchinson, which recently failed to acquire eircom – the owner of Ireland’s third-largest mobile operator Meteor – last year. Telefonica is currently plagued by more than $6.5 billion in debt, which will be reduced thanks to the recent sale.

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