UK fast-tracks probe of Nexfibre’s $2.65B Netomnia deal

Britain’s competition watchdog on Wednesday agreed ​to fast-track its review of nexfibre’s ‌planned £2 billion ($2.65 billion) acquisition of Substantial Group, the parent of broadband operator Netomnia, to ​an in-depth investigation.

Nexfibre, a joint ​venture backed by Liberty Global, Telefonica ⁠and InfraVia, agreed to buy the ​country’s second-largest “altnet” fibre network Netomnia for £2 billion ($2.7 ​billion) in February.

The deal will add more than 3.4 million fibre premises and over 500,000 customers ​to the partners’ British footprint, ​which will reach 8 million premises with full ‌fibre ⁠by the end of 2027, challenging BT’s national Openreach network.

Rajiv Datta, chief executive of nexfibre, said: “We requested a fast-track ​to Phase ​2 ⁠to get to the right answer faster; ensuring due process, ​while recognising urgency.”

“This deal would ​create ⁠the scaled, sustainable alternative to the BT Openreach monopoly, something the UK market ⁠still ​lacks.” Reuters