Clifford Chance

Clifford Chance advises Telefonica on the merger between O2 and Liberty Global's Virgin Media

International law firm Clifford Chance has advised Telefonica, one of the world's largest telecommunications network operators, on the merger of its UK subsidiary O2 with Liberty Global's Virgin Media.

The deal reflects the complementary nature of the two businesses as O2 is the UK's largest mobile phone company, whilst Virgin Media is among the largest broadband and cable providers. The merger will result in significant synergies between the two businesses and will establish the leading operator in the UK telecommunications market with approximately one third of the sector's total revenue.

Miguel Odriozola, Head of the Clifford Chance Antitrust team in Spain and Telefonica relationship Partner, commented: "The merger between O2 and Virgin Media demonstrates the continued appetite for global M&A activity, despite the ongoing uncertainty in the wider economy as a result of COVID-19. We were delighted to assist Telefonica in agreeing the deal and helping them to create a leading telecommunications platform with strong foundations for future communications and technological developments."

The Clifford Chance team was led by Joint Head of Corporate, London Melissa Fogarty, who was assisted by corporate Partners Nigel Wellings (Joint Head of Corporate, London) and Jennifer Mbaluto, Senior Associates Nick Spurrell and Adam Dalton. The antitrust aspects of the acquisition were provided by Partners Miguel Odriozola and Jenine Hulsmann. The commercial aspects were provided by Partner André Duminy, the tax aspects by Partner Nick Mace, the capital markets aspects by Partner Paul Deakins, the banking and finance aspects by Partner Peter Dahlen, and the pensions aspects by Partner Clare Hoxey. Intellectual Property aspects were provided by Partner Stephen Reese and Real Estate aspects by Partner Angela Kearns and Senior Associate Robert Donell.