By Jonathan Davies

Telefonica has completed the sale of O2 to the owners of rival mobile network Three.

Hutchison Whampoa, led by Hong Kong businessman Li Ka-shing, bought O2 for £10.25 billion in a deal which will create the UK's largest mobile network operator.

The combined network would have a market share of 41%, compared to current market leader EE which has 29%.

The deal is still subject to regulator approval, however. It is thought to face some deep scrutiny by the Competition and Markets Authority (CMA) because it would reduce the number of mobile operators from four to three.