Telecommunications companies Virgin Media and O2 are set to merge, forming a £1.4 billion powerhouse in a large-scale combination deal.
🤖 Let's Talk Business: Virgin Media O2 and Daisy Group are gearing up to create a massive US$1.8 billion communications and IT powerhouse! 💻
In a thrilling move, these two power players are merging their direct B2B (business to business) operations. Virgin Media O2 will have a commanding 70% stake, with Lancashire-based Daisy Group holding the remaining 30%. The union will be steered by Daisy Group founder Matthew Riley as the chair, while Jo Bertram, Virgin Media O2 Business' MD, takes the helm as CEO.
The new company aims to cater to the digital and connectivity needs of UK businesses, from tiny startups to large enterprises and public sector organizations. It's all systems go for Europe's fastest broadband and top mobile network teaming up with Daisy Group's exemplary customer service and IT platforms.
There's a tantalizing prospect of £600 million in cost savings, with over half achieved in the first three years. The merger's ambition is nothing short of revolutionizing the UK business communications and IT landscape, armed with an offering for businesses of all sizes.
The deal is set to close by the end of the first half of 2025, and it's backed by a secured intercompany loan of around £425 million from Virgin Media O2 and approximately £835 million in debt from Daisy Group.
Get ready for a new era of digital transformation, embracing entrepreneurial spirit and customer-centric solutions! 🚀💼🔥
[Sources:1. Virgin Media O2 - https://about.virginmedia.com/2. GlobeNewswire - https://www.globenewswire.com/3. Broker Report - https://brokerreport.co.uk/4. City AM - https://cityam.com/5. Enrichment Data - Various relevant articles, financial reports, and industry analysis]
- This transformative joining of forces between Virgin Media O2 and Daisy Group might bring about significant changes in the finance sector, as the new company could potentially reshape the landscape of business taxes for UK organizations.
- With the new company's focus on providing top-notch digital solutions to businesses of all sizes, the industrial sector could experience a surge in finance-related opportunities, as enhanced connectivity and IT platforms would pave the way for increased business growth and investments.
