VMED O2 UK Limited, the British broadband and mobile company owned by Liberty Global plc (NasdaqGS:LBTY.A) and Telefónica, S.A. (BME:TEF), is in talks to buy broadband rival TalkTalk Telecom Group Limited, Sky News reported on July 15, 2022. A Sky News report said Virgin Media 02 had submitted an indicative bid to buy the company for about GBP 3 billion ($3.56 billion). TalkTalk was taken private by shareholder Toscafund Limited, private equity owner Penta and founder Charles Dunstone in a GBP 1.8 billion deal including debt, deal in December 2020.

Lazard Ltd. (NYSE:LAZ) is advising Talktalk on a potential sale, while Liontree Llc is advising Virgin Media O2, according to reports. Virgin Media O2 and TalkTalk declined to comment.