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| BSkyB buys O2 and BE broadband businesses from Telefonica | |
| (35 minutes later) | |
| British Sky Broadcasting is buying the UK broadband and fixed line businesses of Spain's Telefonica. | British Sky Broadcasting is buying the UK broadband and fixed line businesses of Spain's Telefonica. |
| It will give Sky half a million customers who use the O2 and BE brands for their home phone or broadband. | It will give Sky half a million customers who use the O2 and BE brands for their home phone or broadband. |
| It will pay an initial £180m to Telefonica, with up to another £20m being paid once the customers have been switched to Sky. | It will pay an initial £180m to Telefonica, with up to another £20m being paid once the customers have been switched to Sky. |
| Sky said the transaction would make it the second biggest UK broadband provider. | Sky said the transaction would make it the second biggest UK broadband provider. |
| Telefonica said the deal would allow it to concentrate on providing better mobile services, including rolling out 4G. | |
| Sky has taken on 4.2 million broadband customers since launching the service in 2006. | |
| The deal will allow Sky to leapfrog Virgin Media and close the gap on the number one provider: BT. | |
| If it is cleared by regulators the deal should be completed in April. |