A&O Shearman represents Liberty Global, Telefónica, and Virgin Media O2 on GBP2 billion acquisition of Substantial Group

The transaction will create a scaled, financially secure challenger to BT Openreach, with a full fiber footprint of around eight million premises by the end of 2027. When combined with the growing fiber footprint of Virgin Media O2, co-owned by Liberty Global and Telefónica, the two networks will collectively reach 20 million premises and give internet service providers a highly attractive wholesale alternative to the incumbent.