Cable and telecom giants Liberty Global and Telefónica are merging their UK operations into the UK’s largest telephone and internet company. The merger of Virgin Media and 02 results in a new company worth £ 31 billion.

The merger, which has been underway since November, will save over £6 billion in costs. The deal should be completed by mid-2021.

Both Virgin Media and O2 will provide half of the company’s 8-person board. The chairman position will rotate every two years.