Vodafone’s bid to buy T-Mobile UK may not be the last shocker in what may perhaps become a bidding war over Deutsche Telekom-owned telco, as reports suggests of O2 owner Telefonica considering a bid.

Telefonica’s interest in T-Mobile is reportedly spurred by the concern that O2 would lose its market dominance in the UK if Vodafone clinches a deal.

Currently, Telefonica has 27 percent of the UK market through O2, and Vodafone trials as the second largest player with 25 percent, but this share would be pushed up to 40 percent if a deal with T-Mobile, the country’s fourth biggest mobile phone operator materializes.

T-Mobile, which has 15 percent of the UK market shares, is valued at around £3 billion by analysts.