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O2 plc is the holding company of mmO2 plc and the mmO2 group of companies.

O2 plc has 100% ownership of mobile network operators in three countries - the UK, Germany, and Ireland - as well as a leading mobile Internet portal business. All of these businesses are branded as 'O2'. The company is a founding member of the Starmap Mobile Alliance, has operations on the Isle of Man (Manx Telecom), and owns O2 Airwave - an advanced, digital emergency communications service covering England, Wales, and Scotland. In addition, O2 UK has a 50% interest in a joint venture, Tesco Mobile, to sell exclusively Tesco-branded mobile services in Tesco stores across the UK, using O2's technology and network. Furthermore, O2 Germany has a 50% interest in Tchibo Mobilfunk, a joint venture with Tchibo GmbH, which is selling an O2 pre-pay mobile service in Germany.

mmO2 was formed when UK incumbent, BT, decided to demerge its wireless business, BT Wireless, from its fixed-line and other operations. The demerger was agreed to by BT shareholders in October 2001 and the new name, mmO2, was approved.

On November 16, 2001, mmO2 plc became the parent company of the mmO2 group of companies and on November 19, 2001, its ordinary shares were listed on the London Stock Exchange and the New York Stock Exchange. BT shareholders received one share in mmO2 for every share in the parent group they already held.

In May 2002, a single customer brand, O2, was introduced and in support of that introduction each of the principal country company operating names, except for Manx Telecom on the Isle of Man, were changed to include the O2 brand.

On February 14, 2005, the shareholders of mmO2 approved the proposals for a capital reorganisation to create distributable reserves through a Court-approved Scheme of Arrangement. The reorganisation was required in order that the company could implement a sustainable dividend policy and make distributions to shareholders. Following shareholder approval, mmO2 was acquired by a new company, O2 plc, which effected a reduction of its share capital to create distributable reserves. The Scheme became effective on March 14, 2005, on which date dealings in O2 plc shares commenced on the London Stock Exchange. (See Corporate Structure section for further details on the Scheme of Arrangement.)

As of May 10, 2005, shareholders with holdings of 3% or more of the company's issued share capital were: The Capital Group Companies Inc with a 7.46% stake, and Legal & General Investment Management Ltd with a 3.54% interest.