CMA fast‑tracks nexfibre probe, putting UK fibre consolidation on the line

The Competition and Markets Authority has ordered a full Phase 2 probe into nexfibre’s acquisition of Substantial Topco, the owner of Netomnia, Brsk (YouFibre), after accepting the parties’ request for a fast track referral. The outcome could have major implications for UK fibre consolidation.

Liberty Global and Telefónica are the joint owners of Virgin Media O2 and, with private equity firm  InfraVia, joint owners of nexfibre.

The fast track move signals that regulators see significant structural questions in the fibre market. In its decision, the CMA said it was “appropriate to accept the fast track reference request and proceed to a phase 2 investigation”. 

The deal would place one of the UK’s largest altnet footprints under Liberty Global and Telefónica, the joint owners of VMO2, alongside InfraVia.

The investigation will test how far converged operators can expand their fibre reach. A tougher stance could slow future tie ups involving VMO2, Vodafone–Three or BT/EE, pushing altnets towards “safe” regional roll ups rather than national mergers. A lighter approach could accelerate consolidation, with CityFibre emerging as the next major target.