Virgin Media O2 and Tesco agree 10-year renewal of Tesco Mobile joint venture

Wednesday 31 January 2024: Virgin Media O2 and Tesco Plc, owners of Tesco Mobile, have signed a 10-year renewal of their 50:50 joint venture.

20 years after it was first formed, Tesco Mobile has grown to be the UK’s largest mobile virtual network operator (MVNO), with more than 5.5 million customers.

The renewal of the joint venture reconfirms Virgin Media O2’s position as the network of choice among the larger mobile providers, with this agreement ensuring that Tesco Mobile’s customers will continue to benefit from Virgin Media O2’s vast mobile coverage. 99% of the population is covered by the operator’s fast and reliable 4G services, and 5G is now available across more than half of the country.

Lutz Schüler, CEO of Virgin Media O2, said:

“We have enjoyed great success with Tesco Mobile over the past 20 years, as a partner and a network provider, and I have no doubt that will continue over the next decade.

“With demand for mobile data greater than ever, we’re continuing to invest heavily in our network to give our customers, and those of other providers who use our connectivity, an even better experience with the fast and reliable mobile services they expect and rely on.”

Jason Tarry, Tesco UK CEO, said:

“We’re proud of our award-winning network, which brings together the great value of Tesco and the strength of Virgin Media O2’s network. This renewal will ensure that our customers can continue to benefit from excellent connectivity across the UK, while enjoying all the benefits of supermarket mobile, including exclusive deals with Clubcard Prices.”

Jonathan Taylor, CEO at Tesco Mobile, commented:

“With the combined power of Virgin Media O2 and Tesco we’re an MVNO which packs an almighty punch. We’re incredibly proud of the success we’ve achieved over the last 20 years, we’ve gone from strength to strength and now serve over 5.5 million customers across the UK.

“We’re looking forward to unlocking further opportunities with our partners to drive future growth and continue to offer our customers the best value, helpful propositions and award-winning service.”

Notes to editors

• Tesco Mobile is a joint venture owned equally by the Tesco Plc Group and Virgin Media O2 UK Limited. The company was 50% owned by Telefónica UK prior to the completion of the merger of O2 and Virgin Media on 1 June 2021.