Billionaire Li Ka-shing’s Hutchison Whampoa Ltd has agreed to buy O2, Telefonica’s wireless carrier in the UK, for £10.25bn (€14bn) as consolidation heats up in Britain’s phone market.

Hutchison Whampoa has offered to give network access to several virtual network operators in a bid to win EU approval to buy Telefonica’s Irish unit, according to sources.

Kabel Deutschland Holding AG shareholder Elliott Management Corp is holding out as Vodafone Group Plc attempts to convince investors to cash out so it can complete its takeover of the German cable company.