Thirty banks back O2-Virgin Media merger with £4bn bridge

By Silas Brown
28 May 2020

Syndication of the £4bn bridge loan backing the merger of UK mobile phone company O2 — owned by Spanish telecoms giant Telefonica — with Liberty Global’s Virgin Media cable business was signed on Thursday.

The deal is a sign that banks have strong appetite for mergers and acquisitions financing, despite the demands that have been placed on them to finance companies with special needs during the coronavirus crisis.

Thirty banks have come into the loan, which was underwritten and bookrun by Citigroup ...

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