Virgin Media boss Schuler to lead £31bn tie-up with Telefonica’s O2
Virgin Media chief executive Lutz Schuler will lead the firm that results from their mega-merger with Telefonica’s O2.
Schuler was confirmed in the role late last night.
Schuler joined Virgin Media in 2018 as Chief Operating Officer and had been CEO since June 2019.
O2’s Patricia Cobian will become chief financial officer of the combined entity, according to a company statement. She was made O2’s CFO in 2016.
The mega-merger, agreed last year by O2 owner Telefonica and Virgin Media parent Liberty Global, is facing an in-depth probe by regulators amid concerns it could harm competition.
The deal, which will combine Britain’s biggest mobile network with its second-largest broadband company, reflects efforts by network providers to win customers in an increasingly cut-throat market by bringing together mobile and fixed-line services.
A number of rivals have raised concerns to the competition watchdog that the merger could push up the price mobile operators have to pay to lease network infrastructure.
The CMA has reportedly a statutory deadline of late May for taking a final decision.
Lutz Schuler said he was “both humbled and proud to be appointed CEO of this powerful combination between Virgin Media and O2, and I’m excited that we are getting closer to realizing our vision.”