The Four Percent
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John Malone’s Liberty Global PLC agreed to combine its U.K. telecommunications business with that of Spain’s Telefónica SA, creating a telecom giant worth nearly $39 billion in the biggest deal since the global coronavirus shutdown started.
The timing is unusual. Global deal-making across many sectors has been sidelined, with companies shelving plans for potentially risky tie-ups until the impact of the crisis on their businesses and the global economy is clearer.
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