Liberty Global & Telefonica set leadership for UK joint venture

Liberty Global (LBTYA -1.2%) and Telefónica (TEF +0.8%) have announced leadership for their proposed joint venture in the UK, between Virgin Media and O2.
The two companies will appoint Lutz Schüler (current CEO of Virgin Media) as CEO of the proposed 50/50 JV. And they’ve nominated Patricia Cobian (current O2 chief financial officer) as CFO.
“We are about to embark on an exciting new chapter for Virgin Media and O2, and Lutz and Patricia are the right leaders to deliver on our ambition to create the UK’s national connectivity champion,” Liberty Global CEO Mike Fries and Telefónica CEO José Maria Alvarez-Pallete Lopez say. “Together they will build a strong, diverse and dynamic team that will bring more choice, more value and world-class innovation to over 46 million fixed and mobile customers and the broader consumer and enterprise market.”
The merger still needs approval by the Competition and Markets Authority in the UK.