BT in talks to acquire O2 mobile network from Telefonica

According to a BBC news report BT is in talks with Telefonica over the potential acquisition of the O2 mobile network from the Spanish firm.

The discussions are described as being at a 'highly preliminary stage'.

BT spun-off O2 in 2002, then called BT Cellnet. Three years later it was acquired by Telefonica for £17.7bn.

Telefonica said in a statement, 'Telefonica informs that, although it is in talks with British Telecom, these talks are in a highly preliminary phase and there is no certainty that a transaction will take place'.