Three buys O2 in €850m deal

Mobile communications company Three Ireland has reached agreement to buy rival O2 in an €850m deal that will make it the second largest player in the market.

The deal will initially see Three pay €780m for Spanish telecoms company Telefonica’s Irish operations, with a €70m payment deferred and reliant on O2 meeting certain financial targets.

The purchase is dependent on competition approval and could take between six and nine months to conclude.