THE MOBILE PHONE operator Three has bought O2′s Irish operation from Telefonica for around €850 million, it has been announced this morning.
The sale has been announced by the Spanish mobile giant Telefonica, which owned O2, which said that it has sold the operation to the Irish subsidiary of Hutchison Whampoa, Three.
The deal means that O2 will no longer exist with Robert Finnegan, CEO of Three Ireland, telling Newstalk’s Breakfast programme that the O2 branding will disappear once the deal is complete.
The sale is subject to competition approvals at an EU level with €780 million paid up front and a further €70 million dependent on the achievement of “agreed financial objectives” according to Telefonica.
The sale means that Three and O2 combined will control around 37.5 per cent of the Irish mobile phone network and will have around two million active users.