John Malone’s Liberty Global PLC agreed to combine its U.K. telecommunications business with that of Spain’s Telefonica SA, a move that would create a new British telecom giant worth nearly $39 billion.

Under the deal, Liberty’s Virgin Media would merge with Telefonica’s O2, pooling the two companies’ 46 million video, broadband and mobile subscribers. The units generated £11 billion ($13.6 billion) in combined annual revenue in 2019.

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