O2 and Virgin Media UK merger welcomed by lending banks around the world

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Virgin Media to couple with O2 Credit: jcdecauxinnovateuk

THERE has been a great deal of bank interest in the proposed merger of 02 (a subsidiary of Spanish group Telefónica) and Virgin Media (a subsidiary of Liberty Global) in the UK with oversubscription for the €4.5 billion credit line.

The funding is needed to finance the new operation and Spanish Banks Santander, BBVA and CaixaBank have committed to loans as have international banks such as Barclays, BNP Paribas and Goldman Sachs.

The new company will have more customers than UK market leader BT.

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