Virgin Media O2 seeking investors for network company
September 2, 2024 13.11 Europe/London By Julian Clover


Virgin Media O2 is on the lookout for outside investors to participate in its newly established network company.

The Liberty Global-Telefonica company wants to raise £1 billion by selling off a minority stake in the venture, Bloomberg reported, quoting individuals who chose not to be named.

In April, nexfibre announced it had made more progress than any other fibre network after reaching 1 million premises in just 14 months.

The company, which is also being backed by Infravia Capital Partners, is investing £1 billion in the UK’s broadband infrastructure and intends to have reached 5 million premises by 2026.

The sale that could represent between 20 and 40% of the company could get underway as soon as next month. Infrastructure, private equity and sovereign wealth funds are all seen as targets. The timing and amount of the sale could change at a later stage.

Virgin Media and Telefonica have not commented on the report.