Virgin Media O2 has secured a £4.5bn investment to extend its fibre footprint to 80 per cent of the UK.
Its shareholders, Liberty Global and Telefonica, as well as investment firm InfraVia Capital Partners, have announced this investment and new fibre joint venture.
Up to seven million premises will have a new wholesale full fibre network that will give a boost to the UK’s digital economy.
The company will commit to being a wholesale customer of the new network, which will soon expand its fibre footprint to approximately 23 million premises, while providing its network expansion expertise and relationships to the operation.
The new partnership will start rolling out fibre to five million homes not currently served by Virgin Media O2’s network by 2026, and possibly expand to a further two million homes.
Virgin Media O2’s CEO Lutz Schuler said: “This multi-billion pound investment is a vote of confidence in Britain that will take Virgin Media O2’s fibre footprint to 80% of the UK, boosting our position as the biggest challenger in the market.
“Virgin Media O2 will play a crucial role by providing extensive build talent and expertise to the new venture, as well as being a major wholesale customer which fuels fantastic expansion economics from the get-go.
“Alongside our existing gigabit network, other operators will be presented with a sizeable and attractive wholesale opportunity that will enhance competition and choice like never before.”