Following regulatory clearance, Virgin Media and O2 will complete their transaction on June 1. Virgin Media CEO Lutz Schüler will become chief executive of the new company, while O2’s CFO Patricia Cobian will take on the same role at the merged venture.
The combined companies will have 46M video, broadband and mobile subscribers in the UK, while their joint revenue is worth £11B. The merger will create savings of £6.2B, mainly from reducing capital expenditure.
John Malone strikes again.
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