Virgin Media O2 owners in talks to buy UK broadband rival Netomnia, sources say

Reuters

Feb 03

Virgin Media O2 owners in talks to buy UK broadband rival Netomnia, sources say

By Paul Sandle and Amy-Jo Crowley

LONDON, Feb 3 (Reuters) - Virgin Media O2’s owners are in advanced talks to buy UK-based Netomnia, two people familiar with the matter said, in a step towards expected consolidation of UK altnet providers.

Telefonica TEF.MC and Liberty Global LBTYA.O have teamed up with private equity firm InfraVia Capital to buy the broadband network through their jointly owned fibre business Nexfibre for about 2 billion pounds ($2.73 billion), the Financial Times reported on Tuesday. A deal could be announced later this week, the report added.

Netomnia declined to comment.

Nexfibre, which is the UK’s fourth-largest broadband network, is jointly owned by Virgin Media O2 and InfraVia.

A deal involving Nexfibre and Netomnia would give VMO2 access to roughly 8 million homes and 20 million premises in total, according to the report.

($1 = 0.7323 pounds)

(Reporting by Paul Sandle in London. Writing by Amy-Jo Crowley. Editing by Anousha Sakoui)

((amy-jo.crowley@thomsonreuters.com))

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