Investing.com -- Telefonica SA (BMV:TEFN) is reportedly in the early stages of planning a deal that could see it take full control of the UK joint venture it currently shares with Liberty Global (NASDAQ:LBTYA) Ltd, according to Bloomberg, citing sources familiar with the matter.
The Chairman of Telefonica (NYSE:TEF), Marc Murtra, has been in discussions with advisers regarding the plans. However, no formal steps have been taken at this point. Previously, the business was estimated to be worth up to £31.4 billion ($41.9 billion).
Murtra, who was chosen as executive chair by the Spanish government and other large shareholders in January, is currently leading a significant review of Telefonica’s strategy. He has expressed the need for consolidation within European telecoms and believes that Telefonica should play a pivotal role in this process. The UK is one of the three core markets in the region for Telefonica.
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