The Wall Street Journal has today reported that BT or British Telecom is currently in talks with Telefonica to try to buy back the mobile phone carrier O2 UK.

Back in 1985 O2 was called Cellnet and was created as a joint venture between both BT and Securicor, however as things didn’t go to plan for BT as the company then sold the new carrier in 2005 to Telefonica.

Now it seems that the company are looking to buy the company back, with WSJ reporting that BT have confirmed that they are in beginning discussions for the acquisition of the carrier stating:

“All discussions are at a highly preliminary stage and there can be no certainty that any transaction will occur.”

As of yet there’s no information on how BT will use O2, or if or when this rumoured acquisition will be completed, however as soon as we find out more we will update you with a new post.

In the meantime you can read more at the report from WSJ below.

Source: WSJ

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