nexfibre (InfraVia, Liberty Global and Telefónica) to Acquire Netomnia (Substantial Group) via JV

February 18, 2026

InfraVia, Liberty Global and Telefónica, through their existing joint venture nexfibre, have agreed to acquire Substantial Group (Netomnia), the UK’s second-largest alternative fibre provider. The deal is expected to unlock £3.5 billion of investment in the UK and create a scaled wholesale fibre challenger to BT Openreach, with completion expected by Q3 2026 subject to regulatory approvals.

Buyers
nexfibre, InfraVia, Liberty Global, Telefónica
Targets
Netomnia, Substantial Group, YouFibre, Brsk
Sellers
Advencap, DigitalBridge, Soho Square Capital
Platforms
nexfibre
Location
United Kingdom
Transaction Type
Buyout

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