Virgin Media and O2 have joined forces to create a new merged brand worth £31 billion.

The brand tie-up has been unveiled today after the move was given the green light by regulators last month.

Both household names are retained and unified as one, forming Virgin Media O2.

The firm – jointly owned by Liberty Global and Telefonica – has pledged to provide “unbeatable choice” for consumers, as well as promising to “power the UK economy”.

Though the company is not changing any of its existing services today, plans are under way to offer “seamless broadband, entertainment and mobile services all in one place” later this year.

“With the fastest broadband and most reliable mobile network in the UK today, Virgin Media O2 is the complete package,” said Lutz Schuler, chief executive of the merged company.

“We are ready to shake up the market and be the competitor the country needs at a time when choice has never been more important.

“Through investment and innovation in cutting-edge infrastructure and future technology, we will connect more people to the things they love, support communities across the country, help businesses to grow, and power the UK economy.

“With no limit to our ambition, we’re here to upgrade the UK – and our mission starts today.”

Combined, Virgin Media O2 said it has 47 million connections across broadband, mobile, TV and home phone.

The joint venture employs around 18,000 people.

The Competition and Markets Authority (CMA) waved through the deal in May following an in-depth investigation, which concluded that concerns customers would see price hikes from the telecoms deal were unfounded.