Network operator Telefónica has agreed to sell its Telefónica Ireland business, which trades as O2, to the Three subsidiary of Hutchison Whampoa. The deal is worth €850 million (£722 million), with €780 million paid when the deal is completed and a further €70 million paid if financial targets are met.
Telefonica says the arrangement is “part of Telefónica’s ongoing policy of proactive management of its asset portfolio with the aim of increasing the company’s financial flexibility.”
If the transaction is approved by regulators, it’ll make Three the second-largest network operator in Ireland with around 2 million customers.