Hutchison Whampoa on Tuesday issued a statement confirming that its exclusive talks to acquire U.K. mobile operator O2 from Telefonica are still taking place.
"Subsequent to the announcement made by the company on 23 January 2015 on the potential acquisition of O2 UK, the company and Telefonica continue to be in exclusive negotiations on the definitive agreements for the transaction," the Hong Kong-based firm said in a statement to the stock exchange.
Its comment follows a flurry of speculation that the pair could finalise the deal at any moment.
The Financial Times cited an unnamed source as saying that the pair are expected to make an announcement early this week, while the Times said the telcos will confirm their £10 billion-plus agreement sometime this week, the terms being largely the same as those announced in January.
Hutchison and Telefonica are discussing a £10.25 billion transaction that would see the Hong Kong firm pay £9.25 billion upfront and a further £1 billion once the cumulative cash flow of the combined company reaches an agreed threshold.
Hutch, of course, did not comment on the timing of the deal, but said it will make further announcements as and when appropriate.
"If and when definitive agreements are signed up, the transaction will remain subject to, inter alia, the obtaining of all requisite regulatory approvals," it noted, adding that the talks "may or may not result in a transaction being consummated."
