Friday June 5, 2020

Brexit vote ends Telefonica's O2 sale plan

Spanish telecoms giant hoped to reduce debt pile

29th June, 2016
O2 UK will stay with Telefonica Pic: Getty

Spanish telecoms group Telefonica has shelved plans to sell a stake in its British mobile subsidiary O2, as the decision by voters in the country to exit the European Union hit stock markets and created a final, insurmountable hurdle to a 15-month sales effort to cut debt.

Telefonica will consolidate O2 back into its financial statements and no longer present the unit as discontinued operations, the company said in a regulatory filing today.

The Spanish...

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