While the FCC may have put a damper on further consolidation of the U.S. wireless industry, Europe is rumored to be on the verge of a major merger. 

Hutchison Whampoa, which is owned by Li Ka-shing and is the parent company for UK operator Three, is in talks with Telefonica to buy O2 for £9.25 billion ($15 billion), according to a press release.

The transaction remains subject to satisfactory due diligence over O2 UK, agreement on terms and signing of definitive agreements, and obtaining required corporate and regulatory approvals.  

Three UK is a 3G network operator that covers 98 percent of the UK population and is now rolling out 4G.  

Telefonica acquired O2 back in 2005 for £17.7 billion ($26.5 billion). O2 is currenly in the middle of modernizing its network and rolling out 4G. The company has promised Ofcom that it will cover 98 percent of the UK population.