European cell phone operator Telefonica says it has reached an agreement to sell its British business, O2, to Hong Kong conglomerate Hutchison Whampoa for 10.25 billion pounds ($15.24 billion).
Spain-based Telefonica said Tuesday that the deal was reached after due diligence over O2 was completed. It added that the completion of the transaction is subject to regulatory approval.
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Hutchison's owner, Hong Kong billionaire Li Ka-shing, announced in January the plans to buy O2. The conglomerate already owns British mobile operator Three.
Li is Asia's richest individual, with a fortune estimated by Forbes at about $35 billion. His sprawling ports-to-retail global conglomerate operates in more than 50 countries.