Virgin Media O2 Said to Seek Investor for £5 Billion Network Arm
- VMO2 aims to raise over £1 billion from UK fixed network stake
- Company targeting infrastructure, pension and sovereign funds
Virgin Media O2 is working with advisers to raise at least £1 billion by selling a minority stake in the new venture.
Photographer: Jakub Porzycki/NurPhoto/Getty ImagesThis article is for subscribers only.
Virgin Media O2, the owner of UK’s second-largest fixed network, is seeking outside investors to help fund its £5 billion ($6.6 billion) newly created network company to challenge incumbent BT Group Plc, people with knowledge of the matter said.
VMO2 is working with advisers to raise at least £1 billion by selling a minority stake in the new venture, whose valuation could be more than £5 billion, said the people, who asked not to be identified as the information is private.