In full confinement and by videoconference, the managers of Telefónica and Liberty Global closed the most important corporate merger of 2020 in the telco sector. José María Álvarez-Pallete, president of the Spanish company, was the architect of these talks, which take Telefónica away from a headache - after several frustrated attempts to divest on British soil - and ratify the roadmap drawn up in November 2019 towards the “Nueva Telefónica”, with a focus on the United Kingdom, Germany, Spain and Brazil. In addition, of course, the relief it will bring in terms of debt reduction.