(MENAFN) Hong Kong Hutchison Whampoa Ltd. Said it is making a bid of USD15 billion for the British business of European mobile phone operator Telefonica, Arab News reported.
Hutchison, which already owns British mobile operator Three, said that it has been in exclusive negotiations with Telefonica SA over the past weeks for the potential purchase of O2 UK.
The company said its offer includes USD13.9 billion in cash plus up to another USD1.5 billion in interest payments after the deal is completed, depending on O2 and Three performance.
Telefonica said it expects negotiations to last for several weeks while Hutchison conducts a due diligence investigation of O2 UK. Telefonica's shares surged 3.3 percent on the offer.
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