According to a report by The Telegraph, Telefónica is said to be exploring a potential deal to acquire the remaining share from its US joint venture partner, Liberty Global.
The report also claims that Telefónica chairman Marc Murtra has held talks with advisers, however, no official proposals have yet been made.
The potential move to gain full ownership of the telecoms giant is seen as part of a wider strategy by Telefónica to scale up its operations across Europe.
Telefónica COO Emilio Gayo, said: “We’re very happy with the current situation. The joint venture is working very well, we don’t have any proposals on the table to change that situation at the moment.
“Both companies, Liberty Global and Telefónica, are trying to find the best ways to develop the business.”
This comes as VMO2 was formed through a £31 billion merger in 2021.
However, since then, Telefónica has written down the value of its stake in the business and the future of the joint venture is in question as the Madrid-based telecoms group undergoes a broad strategic review.
Murtra launched the review after being appointed earlier this year by the Spanish government, which owns a 10% stake in Telefónica.
Meanwhile, Liberty Global has halted efforts to raise outside capital for VMO2’S wholesale division, which had been scheduled to launch in the first half of the year but has since been delayed.
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