The UK's second biggest mobile network operator, O2, has halted plans to list on the London Stock exchange following concerns over the country's Brexit negotiations, according to a report by the Independent…
The UK's second biggest mobile network operator, O2, has halted plans to list on the London Stock exchange following concerns over the country's Brexit negotiations, according to a report by the Independent.
O2 had been planning to raise as much as £10 billion from its London IPO later this year, following the completion of the UK's 5G spectrum auction. However, sources close to the matter report that the company is now considering postponing the offering until after Brexit has been completed.
O2's parent company, Telefonica, is yet to comment on the speculation. The London Stock Exchange is seeing a fall in the number of IPOs in the build up to Brexit, with the Independent citing "[market] volatility, uncertainty and a perceived lack of investor appetite" as key reasons for companies' reticence to proceed.
O2 has over 25 million mobile customers in the UK, with that figure rising to 32 million if you include its MVNO partnerships with Sky, Tesco Mobile and Lyca Mobile. Along with EE, Vodafone and Three, the company will be at the heart of the UK's 5G rollout programme next year. Analysts had speculated that O2 would leverage the cash from its IPO to kickstart its 5G rollout campaign.
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