Telefonica's O2 buyout buoys outlook

Business hopes are high at Telefonica in acquiring O2, a deal that was officially announced Monday after weeks of speculation.
The Spanish company, which is the world's fifth-largest telecommunications group in terms of market value, said it will pay $31.5 billion for the British mobile provider by paying $3.55 per O2 share, which is about 22 percent more of the company's closing price last Friday.