O2 and Virgin Media will complete their €31bn merger on June 1 after the deal receives final approval from UK competition authorities. The combination of O2's mobile network and Virgin Media's wired infrastructure will immediately create one of the largest telecommunications organizations in Europe, powering the communications of almost 40 million subscribers. The consolidation would also result in savings of €6.2 billion and provide the scale and capacity to compete with BT and Vodafone on converged network services. Parent companies Liberty Global and Telefónica have committed to creating 4.000 jobs and 1.000 apprenticeships if they receive regulatory approval and have pledged to increase the combined company's gigabit broadband footprint by an additional million installations, raising the total figure to 16 million, within 12 months after the merger. There are also promises to add an additional seven million homes to 'gigabit networks' and cover more than 100 cities by the end of 2021. The green light was expected after the Competition and Markets Authority (CMA) said last month that he could find no reason to block the deal. Their research did not focus on the potential impact on the consumer market given the complementarity of the two companies' customers, but rather on a negative effect on the wholesale market. Formal approval means that all regulatory conditions are now met. “O2 and Virgin are important service providers for other companies that serve millions of consumers. It was important to make sure that this merger didn't make these people worse. This is why we carried out a thorough investigation,” said Martin Coleman, chairman of the CMA commission of inquiry. “After closely analyzing the deal, we are confident that competition among mobile communications providers will remain strong and therefore the merger is unlikely to result in higher prices or lower quality services. The joint venture has already begun building its management team, with Virgin Media CEO Lutz Schüler and O2 CFO Patricia Cobain retaining their roles within the enlarged entity. “This is a defining moment in UK telecoms history as we are now allowed to deliver real choice where none existed before, while investing in fiber and 5G, including in the UK, must thrive,” said Mike Fries. , CEO. of Liberty Global and José Maria Álvarez-Pallete, CEO of Telefónica. “We thank the CMA for conducting a thorough and effective review. Lutz and Patricia are now ready to take the reins and launch a National Connectivity Champion that will connect more people, drive more businesses, and empower more communities for the greater good.