The two companies are reported by the Financial Times to have agreed the terms of a joint-venture which will take over the ownership of their respective tower assets, although the contract has not been signed yet.
As with infrastructure joint-ventures elsewhere, the networks will retain their own radio spectrum assets and compete in the retail market.
Citing a person with knowledge of the talks, the FT said that the networks are expecting cost savings over five years of £200 million (US$314 million) each.
Both companies declined to comment.
On the web: Financial Times
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