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TNT24.ie - Tomorrow's News Today

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Wednesday 16 April, 2014

Mobile network 3 buys O2′s Irish operation

24 Jun 2013 at 8:11 am

o2_ireland

The O2 Ireland mobile network has been sold to 3 Ireland for €780 million euro.

Hutchinson Whampoa, a Hong Kong-based company of which 3 is a subsidary, today confirmed its purchase of O2 Ireland by debt-laden Spanish telecoms giant Telefonica. The deal is subject to regulatory approval and includes an additional deferred payment of 70 million euros after the achievement of agreed financial targets.

The deal means that Three now control almost 40 per cent of the Irish mobile phone network, equating to around two million active users. CEO of Three Ireland Robert Finnegan today told Newstalk’s Breakfast programme that all O2 branding will disappear once the deal is complete and the network will cease to exist.

Telfonica is aiming to cut its debt to less than 47 billion euros by the end of the year. It has already disposed of its treasury stock and 40 percent of its Central American interests so far this year.

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