Virgin Media O2 Owners Form £4.5 Billion Fiber Expansion JV

The owners of Virgin Media O2 have created a joint venture with infrastructure investor InfraVia Capital Partners to build between 5 million and 7 million new fiber connections across Britain.

The partners will invest £4.5 billion ($5.5 billion) in the new network, the companies said in a statement on Friday. It will be 50% owned by Liberty Global Plc and Telefonica SA, and 50% by InfraVia. The deal is expected to close by the end of the year.