VMEDO2 - comment

The acquisition of UPP does not change the risk profile of Virgin Media O2 (VMED). The purchase price is modest in the context of VMED’s size, and ownership of UPP will be passed to Nexfibre (a JV between Liberty/Telefonica and InfraVia Capital Partners. Nexfibre and UPP are building fibre networks to compete with BT, with VMED being the anchor tenant.