Telefonica’s O2 UK could reportedly offer its customers the chance to buy shares in the company, as it explores plans for a £10 billion floatation in the country at the end of this year.

Telefonica indicated last week it no longer plans to sell the UK unit, following the European Commissions’ decision to block its acquisition by CK Hutchison’s 3, as well as stock market volatility post Brexit.

According to the UK’s Telegraph, executives at the company are now exploring a customer share offering, serving as an extension of its O2 Priority loyalty scheme – which gives users early access to things like concert tickets – to the equity market.

Following the UK’s decision to vote to leave the European Union, Telefonica does not expect to hold the floatation until the end of the year, added sources, if it does at all, with a sale to private equity buyers also still on the cards.

The company was said to be in talks with private equity groups interested in buying O2, with more than half a dozen private equity firms making informal approaches, but it had second thoughts following the Brexit vote, given the state of the market.

CEO Ronan Dunne, who is overseeing the process, is thought to prefer a floatation.

The Telegraph adds discussions at the moment are focused on listing a minority stake, which would raise cash to reduce the group’s debt, and also allow Telefonica to maintain control of the UK operator.

A source cited by the publication said the idea to sell shares to customers “could be a good way of getting them to buy into the O2 brand even more”.

“The work going on now is less about ways of selling the business and more exploring the strategic ways to build value in it,” added the source.