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Telefonica ‘taps investment bankers at Barclays’ to find partner for Virgin Media O2 fibre rollout

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Virgin Media O2 lost customers in the first quarter of the year
Virgin Media O2 lost customers in the first quarter of the year

Virgin Media O2’s Spanish co-owner Telefonica has reportedly hired investment banks Barclays and LionTree to seek a partner to finance its fibre network rollout across the UK in Britain, according to Spanish media outlet El Confidencial..

Virgin Media O2, which merged together two dominant players in the home broadband and mobile industry last year and is jointly owned by Telefonica and Liberty Global’s, plans to upgrade it entire network to full fibre by 2028.

The telco plans to raise its number of subscribers to 21m, El Confidencial said.

The infrastructure investment would cost up to £4.2bn El Confidencial said, citing sources close to the deal.