Telefónica Europe business was rebranded to 'O2 Online' which continues in the UK as a mobile communications service provider tied to the O2 UK network. The Genie portal properties were rebranded O2 Active in UK, Germany, Ireland and the Netherlands, and Genie Asia became O2 Asia. O2 Asia became a subsidiary of O2 UK for governance purposes. On 31 October 2005, O2 agreed to be taken over by Telefónica, a Spanish telecommunications company, with a cash offer of £17.7 billion, or £2 per share. According to the merger announcement, O2 retained its name and continued to be based in the United Kingdom,
The O2 redeveloped. The area is served by the Jubilee line's North Greenwich tube station, which was opened just before the millennium exhibition, and by bus routes. Thames Clippers operate a river boat service for London River Services; the present tenants, AEG, purchased Thames Clippers in order to provide river links between central London and The O2. As well as a commuter service, Thames Clippers operates the O2 Express service. Local buses also serve the station and the nearby O2. On 23 February 2017, O2 announced that they had agreed a deal with AEG to maintain the naming rights of The O2