Virgin Media O2, Daisy Group Confirm Merger Into £3Bn Telecoms Titan to ‘Revolutionise IT Landscape’
Virgin Media O2 and Daisy Group have announced a merger of the two businesses to form a B2B UK communications and IT colossus.
Virgin Media O2 and Daisy Group are joining forces to consolidate their business communications and IT services, establishing a new telecoms giant valued between £2.5 and £3 billion, inclusive of debt. Under the terms of the agreement, Virgin Media O2 will hold a 70 percent stake in the newly formed venture, with Daisy Group retaining the remaining 30 percent. With an estimated customer base of around 700,000, the merged entity will significantly expand its footprint in the SME sector, in particular.
The new venture will be led by key figures from both parent companies: Daisy Group founder Matthew Riley is set to serve as Chairman, while Jo Bertram, Managing Director of Virgin Media O2 Business, will take on the role of CEO.
Riley commented:
Our new entity, which brings together two highly successful companies, will deliver a comprehensive solution for the fast-changing needs of UK organisations supported by specialist teams that have a relentless focus on customer service. It will be driven by the entrepreneurial spirit for which we are known and will catalyse the next phase of our ambitious growth plans.”
The merger brings together two major players in the UK market, resulting in a combined entity generating approximately £1.4 billion in annual revenue. The combined business is positioned to become a formidable competitor to BT Group, the UK’s dominant provider of IT and telecoms services for SMEs.
Microsoft Reportedly Set to Avoid EU Fine in Latest Antitrust Saga Twist, Cuts Over 6,000 Jobs as AI Push Continues
Microsoft is reportedly set to avoid an EU fine, which would signal a dramatic conclusion to the Teams/Office bundling antitrust saga that’s been ongoing since the pandemic’s peak.
Reuters, which cited three sources close to the story, said that EU regulators are likely to accept Microsoft’s latest offer to change the pricing of its Office and Teams products. Microsoft is attempting to satisfy the European Commission’s probe and avoid a potentially hefty fine for Microsoft’s allegedly anticompetitive practices in bundling Teams and Office together.
The issue dates back to when Microsoft first integrated Teams into Office 365 in 2017, eventually replacing Skype for Business and leading Slack to file a complaint in 2020. At the heart of the issue was whether the lack of a viable, unbundled alternative had unfairly limited enterprise customers’ ability to choose competing communications platforms.
