Global Infrastructure SherpaInfraVia, Liberty Global and Telefónica acquire Substantial Group for £2 billion through nexfibre joint venture
GBP2B
Deal Value
InfraVia Capital Partners, Liberty Global, and Telefónica, through their existing joint venture nexfibre, have acquired Substantial Group for £2 billion. This transaction is expected to unlock £3.5 billion in international investment, demonstrating confidence in the UK economy and expanding digital infrastructure.
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Counterparts (5)
Buyer
Infravia Capital Partners
InfraVia Capital Partners is a leading independent European private equity firm specializing in real assets and technology investments. They focus on resilient businesses and partner with management teams to develop their businesses and drive long-term value creation through active asset management.
Liberty Global
Liberty Global is a dynamic team of operators and investors generating and delivering shareholder value through the strategic management of three platforms — Liberty Telecom, Liberty Growth and Liberty Services. Liberty Growth invests, grows and rotates capital into scalable businesses across the technology, media/content, sports and infrastructure industries.
Telefónica
Telefónica is a multinational telecommunications company that provides fixed and mobile telephony, broadband, and pay television services. It is expanding its focus on digital infrastructure and technology solutions, including data centers and cloud services.
nexfibre
nexfibre is a wholesale fiber network company in the UK, established as a joint venture between Liberty Global, Telefónica (through Virgin Media O2), and InfraVia Capital Partners. Its primary focus is to deploy and operate a new full-fibre broadband network to 5 million homes and businesses across the UK, complementing Virgin Media O2's existing network.
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Subscribe from €20/mo →Deal Analysis
nexfibre, the UK wholesale fiber joint venture, acquired Substantial Group for £2 billion. This move sees InfraVia Capital Partners, a European private equity firm focused on real assets, alongside telecom giants Liberty Global and Telefónica, deepen their commitment to UK digital infrastructure. The transaction is projected to unlock £3.5 billion in further international investment, signaling strong confidence in the UK economy. Substantial Group, a private investment firm founded in 2017 with a focus on infrastructure and real estate, exits this asset as nexfibre expands its primary wholesale fiber network.
- £2 billion acquisition by nexfibre.
- Expected to unlock £3.5 billion in international investment.
- Substantial Group, a private investment firm founded in 2017, was the seller.
- InfraVia Capital Partners, Liberty Global, and Telefónica are the joint venture partners.
Timeline
Announced
Feb 18, 2026
Signed
Closed
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