The UK’s largest telecoms company has been launched, following the full completion of a £31 billion merger to create Virgin Media O2.
According to a statement, the new joint venture between parent companies Liberty Global and Telefónica represents the biggest UK merger in a decade and the largest UK telecoms deal ever. The combined company claims to have 47 million customers across broadband, mobile, TV and home phone connections.
Recently appointed chief executive Lutz Schüler has said his vision for the newly merged company is to “upgrade the UK through investment in fibre and 5G infrastructure”.
Schüler said: “With the fastest broadband and most reliable mobile network in the UK today, Virgin Media O2 is the complete package. We are ready to shake up the market and be the competitor the country needs at a time when choice has never been more important.
“Through investment and innovation in cutting-edge infrastructure and future technology, we will connect more people to the things they love, support communities across the country, help businesses to grow, and power the UK economy. With no limit to our ambition, we’re here to upgrade the UK - and our mission starts today.”
Virgin Media 02 has set initial targets to increase its 5G coverage to cover 200 towns and cities by the end of June and to deliver gigabit broadband speeds across its entire network by the end of this year. It has also set out to achieve net zero carbon operations by the end of 2025.