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,
O2 Racing Technology running of the event. The appeal of the penalties were later denied in July 2011. The issues with Olson and Indycar were resolved in late 2013. O2 Racing Technology O2 Racing Technology (also known as Genoa Racing) was an American auto racing team owned by Mark Olson that competed in the Indy Lights series. The team ran the No. 36 and 63 entries in the Indy Lights series for 2011 with Peter Dempsey and Mikaël Grenier. They were suspended from Indy Lights along with owner Mark Olson until the end of 2012 over issues with the David Hobbs 100 at