Virgin Media O2, the new UK joint venture between Liberty Global and Telefónica, has officially made its debut today (Tuesday, June 1).
One of the country’s largest businesses, with 47 million connections across broadband, mobile, TV and home phone, it offers connectivity services, applications and digital solutions to tens of thousands of UK businesses and public sector organisations. Virgin Media O2 employs around 18,000 people and had reported equivalent revenues of £11 billion last year.
Speaking at the launch of the new company, Lutz Schüler, CEO of Virgin Media O2, said:
“With the fastest broadband and most reliable mobile network in the UK today, Virgin Media O2 is the complete package.
“We are ready to shake up the market and be the competitor the country needs at a time when choice has never been more important. Through investment and innovation in cutting-edge infrastructure and future technology, we will connect more people to the things they love, support communities across the country, help businesses to grow, and power the UK economy.
“With no limit to our ambition, we’re here to upgrade the UK – and our mission starts today”.
Virgin Media O2 will bring together next-generation gigabit broadband and 5G services while expanding its network reach across the country.
The company has committed to invest at least £10 billion over the next five years in the UK. This investment will see the business contribute even more to the UK government’s connectivity targets – upgrading infrastructure in more parts of the country and bringing greater choice and competition to many areas that need it most.
As previously reported by Broadband TV News, the £30 billion between Liberty Global’s Virgin Media and Telefónica’s O2 was given the go-ahead last month by the UK’s Competition and Markets Authority after a lengthy investigation.
Broadband TV News also notes that according to El Economista Telefónica reduced its debt by €5 billion after closing the deal.
