VMO2 looks Upp with latest acquisition

VMO2 looks Upp with latest acquisition

Virgin and O2 app screen 16.9.jpg

Virgin Media O2 (VMO2) looks set to buy a British broadband firm owned by a Russian oligarch-backed investment company according to a report from The Guardian.

The regional broadband business Upp is set to be sold for an undisclosed amount that is thought to be less than £100 million.

Upp boasts 4,000 customers and a broadband network passing 175,000 homes in the east of England and will be paid for and owned by nexfibre.

nexfibre is the joint venture owned by Liberty Global, Telefonica and InfraVia Capital Partners and will then acquire the network assets through a back-to-back agreement.

“Virgin Media O2 is playing a key role in supporting nexfibre with integration work and build, and through our wholesale partnership we will extend the reach of our gigabit connectivity in the East of England,” said Lutz Schüler, CEO of Virgin Media O2.

“Building on the strong foundations that exist today, Virgin Media O2 and nexfibre have a clear strategy in place to be the biggest fibre challenger in the country, offering greater choice and competition to the BT status quo.”

VMO2 will act as a build supplier, continuing its network expansion in the East of England. It has invested around £350 million to reach more than 500,000 homes by 2026.

Andrea Salvato, Chairman of nexfibre added: “Our acquisition of Upp’s network assets represents an important step as we continue to build a world class fibre network along with our wholesale partner Virgin Media O2.

“At nexfibre, we are on a mission to build and expand our network in suburban and semi-rural areas, closing the digital divide and boosting local economies. Upp is a high-quality regional fibre network in the East of England and will accelerate our rollout in an area where we expect to invest more than £350 million by 2026.”

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