Feeds

Three daddy Hutch has no interest in O2

HK giant shuns debt-laden dino

  • alert
  • submit to reddit

Intelligent flash storage arrays

Three network owner Hutchison Whampoa has ruled out making a bid for O2 in the UK.

Hutchison agreed to take O2 Ireland off Telefonica's hands last year. The €850m deal is currently pending a final session of horse-trading before approval at the EU level.

In an interview with the Telegraph, Three UK's CEO Dave Dyson said "We don’t need to consolidate with anybody."

Telefonica is one of the world's indebted companies - with €52bn in long-term debt. By contrast, Hutchison Whampoa has lucrative businesses in ports, property and energy, and made a profit of almost $4bn on turnover of almost $53bn last year.

Eleven years on after its launch in the UK, Three remains in last place in the UK market (excluding virtual operators, MVNOs) but it is profitable and well-run. Net additions grew over 600,000 last year and margins are growing as a big part of the market abandons pay-as-you-go for monthly contracts.

BT, the former owner of O2, already operates as an MVNO for business, and is expected to enter the UK consumer market this year, making use of its Wi-Fi network and sports deals. It's currently switching from Vodafone to EE as its provider, a move expected to take a couple of years.

Hutch got a significant boost today in an EU ruling that decrees it eligible for tax relief on its losses. ®

Security for virtualized datacentres

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
Consumers agree to give up first-born child for free Wi-Fi – survey
This Herod network's ace – but crap reception in bullrushes
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
EE buys 58 Phones 4u stores for £2.5m after picking over carcass
Operator says it will safeguard 359 jobs, plans lick of paint
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.