O2, the UK's second largest mobile firm, has reportedly put the brakes on a planned flotation on the London Stock Exchange until after Brexit.
The telecoms giant was expected to begin trading this year after 4G and 5G spectrum auctions in April but the plan has been postponed due to uncertainty over the UK’s exit from the European Union and its potential impact on financial markets, according to the Press Association.
An initial public offering of O2 has been on the cards for years, with analysts valuing the UK’s second largest mobile firm at up to £10bn.
However, earlier this year, Telefonica chief executive Jose Maria Alvarez-Pallete said O2 was not quite ready to float.
Recent IPO flops, including of Funding Circle Holdings PLC (LON:FCH) and Aston Martin Lagonda Global Holdings PLC (LON:AML) this month, are understood to have contributed to Telefonica’s decision to delay its listing.