Shearman Joins UK Trio On £31 Billion O2-Virgin Media Merger
The merger will create a £31 billion media and telecoms giant.
May 07, 2020 at 04:39 AM
3 minute read
o2
Shearman & Sterling has joined Allen & Overy, Clifford Chance and Herbert Smith Freehills on the agreement between Liberty Global and Telefónica to merge their U.K. operations bringing together Virgin Media and O2 in a 50-50 joint venture.
The transaction is expected to allow for a £10 billion investment into the U.K across the next five years, and will create a £31 billion media and telecoms giant. O2 is the U.K.'s largest mobile platform, while Virgin Media is the fastest broadband network.
U.S. firm Shearman and A&O are advising Liberty Global, according to a company statement. Shearman is acting as U.S counsel to Liberty Global. The team is made up of New York-based partners George Casey, Doreen Lilienfeld, Harald Halbhuber, Daniel Litowitz and London-based partners Nick Withers and Simon Burrows.
The A&O team includes partners Nicholas Clark, Antonio Bavasso and Jeremy Parr.
Telefónica has turned to long-time adviser Herbert Smith and Clifford Chance, its statement said.
The HSF team is fielded by partners David Coulling and Gavin Davies, while the Clifford Chance team is being led by joint head of corporate Melissa Fogarty and made up of partners Nigel Wellings and Jennifer Mbaluto.
HSF also advised Telefónica on plans for an initial public offering in 2016.
Liberty Global previously called on Freshfields Bruckhaus Deringer in 2018 as Vodafone acquired its European assets.
The transaction is expected to close in the middle of 2021.
Telefónica CEO Jose Maria Alvarez-Pallete said in a company statement: "Combining O2's number one mobile business with Virgin Media's superfast broadband network and entertainment services will be a game-changer in the U.K., at a time when demand for connectivity has never been greater or more critical."
Miguel Odriozola, head of the Clifford Chance antitrust team in Spain and Telefonica relationship, said: "The merger between O2 and Virgin Media demonstrates the continued appetite for global M&A activity, despite the ongoing uncertainty in the wider economy as a result of COVID-19.
"We were delighted to assist Telefonica in agreeing the deal and helping them to create a leading telecommunications platform with strong foundations for future communications and technological developments."
Read More:
Herbert Smith Freehills and Ashurst dial in for lead roles on O2 IPO
'There Are Huge Gulfs in Quality Between Firms': A Q&A With the Telefonica UK GC
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