The confirmation of the sale of another 8% of its tower business was expected and reported in the FT in September. VMED is shifting

CEO Lutz Schüler is on medical leave for up to 8 weeks and will be replaced temporarily by the CFO; he is expected to

A further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of

VMED dropping any objections to the Vodafone/Three merger is no shock. The UK market is saturated, but a price war is unlikely as all

An extension of the network-sharing agreement with Vodafone is a slight positive for bondholders. The extension depends on

Placing a €600m SSN inside 6% demonstrates that investors are still

VMED O2 hasn’t yet launched new services on its upgraded Fibre to the Premises (FTTP) network upgrades. Only £100m of what we estimate at £1.7bn in

Investors are familiar with the name and the strategy of sending any excess cash to the parent, so the downgrade at VMED (from BB- to B+) will only have

Telefonica’s impairment charge on its Virgin Media o2 (VMED) stake reflects the reality of higher rates in the UK. VMED had already guided for

Splitting its network from the customer base will allow Liberty/Telefonica to release some capital by inviting Infrastructure investors in. Also, in addition to

If Virgin Media o2 (VMED) buys the consumer division of Talk Talk it will acquire 2.4m broadband customers, and we estimate a price of around

The launch of a $500m TL by Virgin Media O2 (VMED) was prompted by its dividend policy. In June, VMED drew £325m in term loans to fund a dividend

The acquisition of UPP does not change the risk profile of Virgin Media O2 (VMED). The purchase price is modest in the context of

The recycling of capital from tower infrastructure into fibre by VMED O2 is a well-trodden path. If VMED 0@ sold all of its   towers stake, it could

Q422 numbers in line with our model. VMED 02 says that 30% of the £540m synergies have been achieved. Company EBITDA guidance for

Given its stake in VMED 02, Liberty Global would not be allowed to exercise any control at Vodafone. The 4.9% equity stake is a play on Vodafone’s recovery after a