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The company was formed in 1985 as Cellnet, at first a joint venture between BT Group and Securicor, later wholly owned by BT. Cellnet was the second mobile phone network to launch in the UK after Vodafone three years earlier. It was spun off from BT in 2002 to form a new holding company, mmO2 plc, which introduced the "O2" brand for the businesses. In 2006 the company was purchased by Telefónica, who retained the O2 brand and the company's UK headquarters.