O2 CEO calls for EU reforms to enable cross-border mergers
O2 chief executive Ronan Dunne has called for reforms to European regulations, to enable cross-border merger deals which will progress European mobile networks, the Irish Examiner reported. Dunne said more mergers are required if Europe’s networks are to become as advanced as networks in North America.
Cross-border deals will facilitate investment into new mobile networks, as well as increasing use of wireless data, Dunne said. He added that UK-based O2’s Spanish owner Telefonica and other telecoms groups operating in a number of countries would then be well placed to consolidate smaller companies in the sector.
The current fragmentation of the market discourages acquirers, the CEO said.
The report noted that the GBP 10.25bn (EUR 13.95bn) sale of O2 to Hutchison Whampoa was agreed by Telefonica last week. The British company will be combined with Hutchison’s UK-based Three to create the country’s largest wireless operator.
Irish Examiner