![Li Ka-shing, Victor Li Li Ka-shing, Victor Li](https://api.time.com/wp-content/uploads/2015/01/ap615955770106.jpg?quality=85&w=2400)
Hong Kong billionaire Li Ka-shing is negotiating to spend almost $15 billion to acquire O2, Britain’s second-largest mobile network.
Taking over O2, currently owned by Spain’s Telefonica, would allow Li, 86, to merge the company with Three mobile network, which is currently owned by his firm Hutchison Whampoa. That would create Britain’s largest mobile telecommunications group, reports the BBC.
Hutchison shares increased by 4% after reports of a potential deal emerged, but negotiations with Telefonica are expected to take weeks. The purchase may also be hampered if European industry regulators perceive the move infringes on competition protocols.
In a bid to restructure his business empire, which spans everything from telecommunications to ports, Li, who until he was overtaken by Alibaba boss Jack Ma this year was the richest man in Asia, has spent nearly $30 billion this year acquiring foreign assets to diversify his Hong Kong holdings.
[BBC]
More Must-Reads from TIME
- Welcome to the Noah Lyles Olympics
- Inside Fiji’s Fiery Battle Against Plastics
- Column: As Biden Vies to Salvage Nomination, Growing Chorus of Democrats Say It’s Too Late
- How to Watch Lost in 2024 Without Setting Yourself Up for Disappointment
- How to Buy Groceries Without Breaking the Bank
- The Rise of the Thirst Trap Villain
- Why So Many Bitcoin Mining Companies Are Pivoting to AI
- The 15 Best Movies to Watch on a Plane
- Sign Up for our Paris Olympics Newsletter
Contact us at letters@time.com