Facebook faces investigations in the UK and Europe, Pershing Square Tontine on cusp of striking largest-ever SPAC deal to buy stake in Universal Music, reports suggest Tesla sales in China have collapsed, Disney’s chairman sells shares for $100 million, and Broadcom and Lululemon beat expectations.
TOP NEWS SUMMARY: EU warns Belarus is playing Russian roulette
Tue, 25th May 2021 10:51
(Alliance News) - The following is a summary of top news stories Tuesday.
COMPANIES
The UK Competition & Markets Authority said it is considering whether AstraZeneca s takeover of Alexion Pharmaceuticals will reduce competition. The regulator is inviting comments on the transaction to aid with its assessment. The deadline for its phase one decision is July 21. Earlier this month, both Alexion and AstraZeneca s shareholders voted in favour of the deal. AstraZeneca agreed to buy Alexion in December for USD39 billion to boost its work on immunology. The takeover has already been given the go-ahead by the US Federal Trade Commission in mid-April after competition clearances in Canada, Brazil and Russia, but Astra is still waiting on approval in the UK, EU and Japan.
Liberty Global and Telefonica Welcome Final UK Regulatory Approval for Virgin Media-O2 Joint Venture streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
O2 and Virgin Media joint venture approved by UK regulator
May 20, 2021 12:32 EDT with 0 comments
O2 has announced that the UK’s Competition & Markets Authority has approved a 50:50 joint venture between Liberty Global, which owns Virgin Media, and O2. The mobile carrier said that the regulator agreed to the deal under the original terms and the transaction is now expected to close on June 1.
The joint venture will allow O2 and Liberty Global to deliver a nationwide integrated communications network that records £11 billion in revenue. O2 currently has one of the biggest mobile customer bases in the UK and is rolling out speedy 5G connectivity while Virgin Media is rolling out its Gig1 gigabit fibre to premises around the country.
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Liberty Global and Telefonica have received the official go-ahead they needed to merge telecom giants Virgin Media and O2.
The UK’s Competition & Markets Authority (CMA) gave the joint venture its final approval, allowing the transaction to formally close on June 1, 2021.
The merger will unite the UK’s fastest broadband network with the country’s largest mobile operator with the aim of creating a “stronger fixed and mobile competitor in the UK market”. The timing will also support the expansion of Virgin Media’s giga-ready network and O2’s 5G deployment across the country.
The venture will bring together 46 million fixed and mobile subscribers, according to Liberty Global CEO Mike Fries.