Fresh M&A blow for telcos as Three/O2 debate reopened

Back in 2016, retired billionaire Li Ka-Shing's Hutchinson conglomerate had aimed to become Britain's biggest mobile telecoms network operator by combining Three UK with Telefonica's O2

The case is closely watched by the telecoms industry as, although the deal has lapsed, its approval could make it easier for companies to forge mergers that reduce the number of mobile players in a country. Photographer: Simon Dawson/Bloomberg

European telecoms companies faced fresh regulatory uncertainty on Thursday after the EU's top court scrapped a lower tribunal's decision to life a veto on Three UK's £13bn (€15.19bn) bid for O2 seven years ago, citing legal errors.

The case is closely watched by the telecoms industry as, although the deal has lapsed, its approval could make it easier for companies to forge mergers that reduce the number of mobile players in a country.