Liberty Global Ltd and Vodafone Group PLC - telecommunications firms based in Denver, Colorado and Newbury, England, respectively - Liberty subsidiary Virgin Media O2 acquires 78.8 megahertz of spectrum from Vodafone UK for £343 million, bringing Virgin Media O2’s total mobile spectrum share to about 30%. This will be partially funded by the minority stake sale in Cornerstone in 2024, with spectrum payments extending beyond 2025. Deployment is to occur over the medium term, starting this year. The deal is subject to Office of Communications approval.
Virgin Media O2 Chief Executive Officer Lutz Schuler says the acquisition creates greater balance across UK mobile networks, boosts Virgin coverage and improves network quality. The transaction follows the merger between Vodafone UK and Three UK completed this month and is part of the wider agreement between Virgin Media O2 and Vodafone UK struck in 2024, under which the companies agreed to extend and enhance their existing mobile network sharing arrangement for more than a decade.
Liberty Global current share price: $9.90, up 0.1% on Monday afternoon in New York
12-month change: up 9.3%
Vodafone Group current share price: 77.98 pence, closed up 0.6% in London
12-month change: up 11%
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