Liberty Global, Telefónica and InfraVia Capital Partners form JV for building new fibre network in U.K.

Jul. 29, 2022 6:14 AM ETTelefónica, S.A. (TEF), LBTYABy: Khyathi Dalal, SA News Editor

Day 1 - Mobile World Congress 2022

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  • Liberty Global (NASDAQ:LBTYA) and Telefónica Infra, wholly owned subsidiary of Telefónica (NYSE:TEF), along-with InfraVia Capital Partners, independent financial investment firm specializing in infrastructure and technology investments, reached an agreement to set up a new JV that will roll out fibre-to-the-home to greenfield premises across the country.
  • This investment of ~£4.5B will provide a boost to digital economy and contribute to gigabit broadband ambitions.
  • The partnership will initially roll out fibre to 5M homes not currently served by Virgin Media O2's network by 2026, with the opportunity to expand to an additional c.2M homes.
  • Liberty Global and Telefónica will jointly hold a 50% stake in the JV through a holding company, with InfraVia owning the remaining 50%.
  • Under the transaction, InfraVia will make certain payments to Liberty Global and Telefónica, a portion of which will be linked to the progression of the network build-out.
  • Transaction is expected to close in Q4.
  • TEF shares trading 1.4% higher premarket.

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