A PYMNTS Company

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.