- Empresas Telefónica raises revenues by 6.7% until March but profit falls by 58%
The Chairman of Telefónica, José María Álvarez-Pallete, has assumed this Thursday the presidency of the Board of Directors of Virgin Media O2, the British operator in which the Spanish company shares shares with Liberty Global.
Álvarez Pallete succeeds precisely the CEO of this company, Mike Fries, who has occupied the seat during the first two years of the company, created from the merger of O2 (Telefónica) with the fixed network operator Virgin Media. Fries will remain on the organ as an advisor.
The merger, closed on June 1, 2021, is the largest corporate transaction in Telefónica's history. Among the challenges that the board will have to assume now chaired by the Spanish executive is the deployment of fiber optics.
The parties reached an agreement with Infravía to create a joint venture to deploy a network last summer. However, in recent months, Virgin Media O2 has also been linked to the purchase of several smaller fibre operators.
In addition, the company continues to materialize the synergies of the merger and is considering selling part or all of the 50% of the tower subsidiary it shares with Vodafone.
Apart from the inorganic operations, the president of Telefónica also ensures to be at the forefront in 2024, when the option will be activated for either of the two partners to activate the clause to list the subsidiary.
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