O2 Mobile UK May be Sold to Hutchison’s Three

Li Ka-shing, the Hong Kong billionaire is in early negotiations with the UK mobile company O2 for a take over bid, Sunday Times has reported citing its sources, a report from Bloomberg claimsO2 UK

The conglomerate controlled by Li Ka-shing currently owns Three mobile network in the UK and is considering to bid as high as $13.6 billion for Telefonica SA’s Three.

O2 on its part has hired the services of investment bank UBS AG to have a study on its own options. The company is looking for a suitable exit from the UK market in a bid to settle its debts and might also consider the option of going public. Hutchison, on its part has hired the services of Moelis & Co for looking at possible acquisition opportunities in the UK market.

Li is currently focusing on consolidating its holdings in diverse sectors across Europe and it had recently bought the Irish unit of Telefonica for $980 million for merger with Three Ireland.

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