Virgin Media O2 seeking network investors
September 2, 2024
Virgin Media O2 is reportedly seeking outside investors to help fund its £5 billion (€4.5bn) newly created network company to challenge market leader BT Group, according to a Bloomberg report.
Virgin Media O2, jointly owned by Liberty Global and Telefónica, is working with advisers to raise at least £1 billion by selling a minority stake in the new venture, whose valuation could be in excess of £5 billion according to the report, citing individuals who asked not to be identified. The company, which is also being backed by Infravia Capital Partners, is investing £1 billion in the UK’s broadband infrastructure, aiming to reach 5 million premises by 2026.
The sale that could represent between 20 and 40 per cent of the company could get underway as soon as October. Infrastructure, private equity and sovereign wealth funds are all seen as targets.
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