Ron Burgundy Posted January 23, 2015 Share Posted January 23, 2015 By Julien Toyer and Denny Thomas MADRID/HONG KONG (Reuters) - Li Ka-shing's Hutchison Whampoa Ltd has agreed to buy Telefonica's British mobile unit O2 for up to 10.25 billion pounds ($15.4 billion), as Asia's richest man makes his boldest bet yet to revamp his European telecoms business. Hutchison already operates the Three Mobile network in Britain, and buying second-ranked O2 from the Spanish group in Li's biggest ever takeover will make it the top mobile operator in the country. Li and his chief dealmaker Canning Fok have doubled down in response, sinking more money into Europe as they look to snap up businesses from operators who have been battered by the continent's debt crisis. The revamp will boost Hutchison's acquisition firepower by about $7 billion as it spins off its property assets to Cheung Kong Holdings Ltd. "The deal indicates that the group is continuously eyeing Europe to seek future growth," said Alex Wong, a director with Hong Kong-based Ample Finance Group. View the full article Quote Link to comment Share on other sites More sharing options...
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