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The Guardian - UK

Business

Mark Sweney

Virgin Media O2 to snap up Russian oligarch-backed broadband firm

UPP United States Russia LetterOne United Kingdom Liberty Global Mikhail Fridman National Security Petr Aven

a VMO2 advertising billboard — VM02, the UK telecoms mega-merger joint venture between US group Liberty Global and Spain’s Telefonica, is to buy regional broadband business Upp, for what is thought to be less than £100m. Photograph: Maureen McLean/REX/Shutterstock

Virgin Media 02 is to buy a British broadband company owned by a Russian oligarch-backed investment company, after the government forced its sale on national security grounds.

VM02, the UK telecoms merger joint-venture between US group Liberty Global and Spain’s Telefonica, is to buy regional broadband business Upp, in an all-cash deal for an undisclosed amount that is thought to be less than £100m.

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