Telefonica's Chief Executive Marc Murtra announced on July 30, 2025, that the plan to spin off Virgin Media O2's fixed network in Britain had been scrapped. Virgin Media O2 is a joint venture between Liberty Global and Telefonica.
Last year, Virgin Media O2 had stated its intention to spin off its fixed network into a subsidiary called NetCo. This initiative was designed to create a platform that could attract capital at higher multiples and accelerate network upgrades.
The reversal of this plan means that the anticipated value crystallization from separating the network infrastructure will not proceed as previously envisioned. This impacts Liberty Global's strategy for its VMO2 asset.
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