InfraVia, Liberty Global and Telefónica acquire Substantial Group for £2 billion through their existing joint venture, nexfibre

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• This transaction unlocks £3.5 billion in international investment and reflects our shared confidence in the UK as a highly attractive market for long‑term investment, supported by the government's economic policies

  80% confidence

• By bringing our strengths together, we are creating a scaled and financially secure wholesale fibre challenger to BT Openreach - one that will enhance competition, strengthen the UK's digital infrastructure and deliver greater choice and quality for consumers and businesses

  80% confidence

• YouFibre retail brand will remain post-close, ensuring customers continue to receive the same trusted service they know today, while benefiting from the financial strength and infrastructure scale this combination delivers

  80% confidence

• This transaction creates the largest alternative fibre platform in the UK, establishing the foundation for much-needed altnet consolidation, and sustainable wholesale competition

  80% confidence

• This landmark transaction with nexfibre represents the natural evolution of the UK's fibre market. Consolidation has been inevitable, and this deal creates the scaled, sustainable platform needed to drive genuine wholesale competition

  80% confidence

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