Mobile phone network Three have entered ‘exclusive’ talks to purchase their rival O2.
Speculation on the deal started on Thursday evening and confirmation appeared to come via a post on Three’s Irish website, with a short message stating that the O2 logo will soon start disappearing from the high street.
Three owners Hutchinson Whampoa have now confirmed that talks are ongoing over merging the two companies, at a cost of up to £10.2 billion.
“The transaction remains subject to satisfactory due diligence over O2 UK, agreement on terms and signing of definitive agreements, and obtaining required corporate and regulatory agreements.”
O2 have also released a statement confirming the talks;
“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.”
The deal is rumoured to be worth around £10billion, with O2’s owners Telefonica accepting the proposal from Three owners Hutchinson Whampoa.
If the buyout goes through, it would mean that Three would have a network of approximately 24 million users, 2 million behind EE.