Virgin Media’s parent is in talks to buy Three Ireland for as much as €1.5 billion, according to a report in the Financial Times.
Irish-American telecoms mogul John Malone’s Liberty Global, which owns Virgin Media, is holding the discussions with Hong Kong-based conglomerate CK Hutchison, which owns the Three Ireland brand, the report said.
Virgin Media only has a virtual operator, Virgin Mobile, in the State, in addition to its broadband network and broadcasting business.
CK Hutchison has been gradually selling its European telecoms operations, which serve more than 60 million customers, amid tough market conditions that have pushed down prices and generated smaller returns. Last year, the group closed a £16.5 billion deal to merge Three UK with Vodafone UK.
The talks come a dozen years after CK Hutchison backed Three Ireland’s purchase of the Irish arm of O2 for €850 million from Spain’s Telefónica, making the company the second-largest operator in the market.