Telefonica to buy UK cell phone company O2 for $31.6 billion.
Economic Times (New Delhi, India), November, 2005
Nov. 1--LONDON/MADRID -- Spain's Telefonica has agreed to buy British mobile phone firm O2 for $31.6bn to enter two of Europe's biggest telecoms markets, the UK and Germany. Telefonica, the world's fifth-biggest telecoms firm by market value, said on Monday it would pay 200 pence-a-share in cash, a 22 percent premium to O2's closing price on Friday.
The Spanish firm, whose shares were suspended in Madrid, has been looking to expand in Europe after years of building its presence in Latin America. A source familiar with the situation said Telefonica would fund the deal using loans provided by Citigroup, Goldman Sachs and Royal Bank of Scotland.
Telefonica said it did not expect to issue shares and pledged to continue its share buy-back programme and...
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