Virgin Media O2 is on the lookout for outside investors to participate in its newly established network company.
The Liberty Global-Telefonica company wants to raise £1 billion by selling off a minority stake in the venture, Bloomberg reported, quoting individuals who chose not to be named.
The Bloomberg report does not make clear whether the company concerned nexfibre, established with Infravia Capital Partners, and already covering 1 million households or the so-called ‘NewCo’ that is being spun out of the cable operator’s existing coax operations.
The sale that could represent between 20 and 40% of the company could get underway as soon as next month. Infrastructure, private equity and sovereign wealth funds are all seen as targets. The timing and amount of the sale could change at a later stage.
Virgin Media and Telefonica have not commented on the report.
