Further, to buy time and mitigate the damage should the Hutchison deal fail to progress, Telefonica is also said to be moving forward with plans to spin off the Telxius wireless towers group it created in February; it has been suggested an IPO of this group could bring in around USD4 billion. Reports suggest Hong Kong 's CK Hutchinson will not make further concessions to gain regulatory approval to acquire O2 , amid speculation that the European Commission is likely to block the deal . Sources say Hutchinson is ready to fight the case in court if regulators do not allow the deal to proceed . Spain 's Telefonica , the current owner of O2 , is reported to be looking into alternative options , including a possible merger with another UK provider such as Sky or TalkTalk , while Bloomberg claims another option would be to spin - off a publicly - traded O2 .
Reports suggest Hong Kong 's CK Hutchinson will not make further concessions to gain regulatory approval to acquire O2 , amid speculation that the European Commission is likely to block the deal . Sources say Hutchinson is ready to fight the case in court if regulators do not allow the deal to proceed . Spain 's Telefonica , the current owner of O2 , is reported to be looking into alternative options , including a possible merger with another UK provider such as Sky or TalkTalk , while Bloomberg claims another option would be to spin - off a publicly - traded O2 .