Hong Kong tycoon Li Ka-shing who is worth an estimated £22 billion is in talks to buy Britain’s second largest provider O2 from Telefonica for around £10.25 billion ($15.4 billion).
Already owning the Three mobile network and combining it with O2, his company Hutchinson Whampoa would be the UK’s largest mobile group, however, chief research officer at Ovum the telecoms consultancy is concerned saying "The big question we should be asking ourselves is whether the consolidation will result in prices going up." O2 has released a statement saying "Three is known for campaigning on behalf of its customers, much like O2.
"We are confident that an agreement will mutually benefit the customers of both companies, as well as drive better value, quality and investment in one of the most digitally competitive countries in the world."
Li Ka-Shing’s company Hutchinson Whampoa has said talks with Telefonica will take several weeks.
