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Virgin Media O2 and Daisy Group Announce £1.4 Billion B2B Merger

The newly formed telecom entity, set to challenge industry leaders, aims for completion by mid-2025 pending regulatory approvals.

A billboard advertising Virgin media fibre broadband is seen in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo
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The deal in which the operator of O2 and Virgin Media will merge its enterprise operations with a rival is expected to close in the second half of the year
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Overview

  • Virgin Media O2 and Daisy Group will merge their B2B communications and IT operations, creating a company with pro forma revenues of £1.4 billion.
  • Ownership of the new entity will be split 70/30, with Virgin Media O2 holding the majority stake and Daisy Group the remainder.
  • The combined business will serve approximately 700,000 customers and target £70 million in annual cost savings by 2030.
  • Leadership roles have been assigned, with Daisy founder Matthew Riley as chairman and Virgin Media O2 Business MD Jo Bertram as CEO.
  • The merger awaits approval from the CMA, FCA, and the UK government, with completion expected by the end of the first half of 2025.