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Hutchison to buy Telefonica unit O2 for £10.25b

Takeover by Three Mobile network owner will make it top mobile operator in Britain

CONSOLIDATION: The proposed O2 deal comes just two weeks after Hong Kong tycoon Mr Li undertook a major overhaul of his businesses, which will be split into two listed companies.

Hong Kong

LI Ka-shing's Hutchison Whampoa Ltd has agreed to buy Telefonica's British mobile unit O2 for up to £10.25 billion (S$21 billion), as Asia's richest man makes his boldest bet yet to revamp his European telecoms business.

Hutchison already operates the Three Mobile network