BBC NEWS | Business | Telefonica buys UK's O2 for �18bn

BBC NEWS | Business | Telefonica buys UK's O2 for �18bn

Telefonica has offered £17.7bn ($31.6bn) which works out at 200 pence per share, a 22% premium on Friday's closing price of 164.25p.

Since BT demerged O2 theyhave been looking for a buyer. Since Telelonica has no infrastructure or competing services in the UK this is a good match for both, but another example of consolidation which is the industry norm now.