MADRID (Reuters) – Spain’s Telefonica SA (TEF.MC) confirmed on Monday it has opened talks with billionaire John Malone’s Liberty Global Plc (LBTYA.O) over a possible merger between both companies’ British units.

The talks to merge Telefonica’s British mobile operator O2 and Liberty’s Virgin Cable network company have just started, the Spanish company said.

“The process started between both parties is in negotiation phase, with no guarantee, at this point, precise terms or its probability of success,” Telefonica said.

Two sources familiar with the matter told Reuters on Friday that talks were ongoing.

Reporting by Inti Landauro, editing by Louise Heavens

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