The Strategist

British Virgin Media O2 to buy Internet provider Upp

09/07/2023 - 10:42

The amount of the deal is still unknown.

Virgin Media
Virgin Media
The multinational investment firm LetterOne, which is linked to Russian investors Petr Aven and Mikhail Fridman, has agreed to sell the local Internet service provider Upp to British telecom giant Virgin Media O2.

LetterOne attempted to dispute the British government's decision to order the sale of regional Upp in December 2022 because to security concerns.

The investment group stressed that LetterOne took "decisive measures to distance itself from sanctioned shareholders," adding that the Russian billionaires had no influence over corporate strategy or operations management. LetterOne is not subject to sanctions against Russia.

Virgin Media O2 is expected to finish the Upp-initiated network development process this year, covering 175 thousand households. After the services are integrated, they will be managed by the partnership Nexfibre, which was founded by the international company Liberty Global, the Spanish telecom company Telefnica, and the French investment firm InfraVia Capital Partners.