Bloomberg reports that Virgin Media O2 is seeking to raise at least £1 billion by offering a 20% to 40% stake in its newly formed network company. This is part of a larger £5 billion plan to expand full fibre coverage across the UK. However, details are scarce as the information comes from anonymous sources. While many assume this involves the nexfibre joint venture, it could be related to NetCo, a newer company managing Virgin Media’s network, including the Project Mustang initiative to convert its coaxial network to full fibre by 2028. Virgin Media O2 has reportedly passed a few million premises with FTTP under this project, but no new services or products have yet emerged. Some speculate that the company is waiting for NetCo to fully establish itself, potentially bringing other providers on board. Previously, Sky was considered a likely partner, but they have since partnered with CityFibre.
Virgin Media O2 Seeks £1 Billion Investment (apparently) to Accelerate UK Full Fibre Expansion
