Liberty Global in talks to merge Virgin Media with O2
 

Liberty Global in talks to merge Virgin Media with O2.

https://www.ft.com/content/100cc6d1-...a-7b159cf39112

(Behind Paywall)

Re: Liberty Global in talks to merge Virgin Media with O2
 

Non-paywall site.

https://www.reuters.com/article/us-t...-idUSKBN22D5YD

Re: Liberty Global in talks to merge Virgin Media with O2
 

OR: https://www.ispreview.co.uk/index.ph...ger-talks.html

Re: Liberty Global in talks to merge Virgin Media with O2
 

I wonder if this will have any effect on the proposed switch to Vodafone for mobile due late next year

Re: Liberty Global in talks to merge Virgin Media with O2
 

Interesting. I wonder if this might flush some counter-offers out? Vodafone might be tempted by VM now that an external value has been placed on VM. And Comcast may be tempted to buy O2.
However, if the combination of O2 and VM does take place, VM-O2 will be the mobile carrier for Sky potentially raising the chances of Sky Atlantic appearing on the V6.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Was originally bandied about 3 years ago and discussed on here.

https://www.cableforum.uk/board/show...&postcount=137

Makes more sense than Vodafone.

VM still has a large amount of debt........and cash. Vodafone spent a large wedge buying LG Germany and other operations.

So I see a Vodafone deal about as likely as it’s always been.

Since LG has been sitting on the pile of cash it got from Vodafone it’s been trying figure out what to do with it.

So this deal could have legs.

---------- Post added at 09:39 ---------- Previous post was at 09:36 ----------

I missed that bit, what figure was placed on VM?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Link please.

Re: Liberty Global in talks to merge Virgin Media with O2
 

l have not seen one link that puts a external value on VM and l have seen a few articles up to now.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Neither have I. Andrew must have dreamt it.:D

Re: Liberty Global in talks to merge Virgin Media with O2
 

The value would be placed as soon as (if) O2 makes the offer, I guess. I've seen Vodafone + Virgin mooted for a long time now, I am not convinced it'll ever happen. O2 seems like a bigger possibility, Telefonica has been trying to sell it off for years.

Re: Liberty Global in talks to merge Virgin Media with O2
 

The fact that Liberty will be paying Telefonica an additional amount shows that a valuation has been done.

I'm inclined to agree that on paper, O2 is a more likely combination for VM than Vodafone. But I wonder if Comcast/Sky might try to gate crash the merger so that it does not have such a strong competitor. If Comcast/Sky is successful, this could lead to VM and Vodafone or VM and Three merging.

We also don't know 100% if VM Ireland is included in the VM-O2 merger as that is a market O2 has withdrawn from.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Well no figure has been provided but considering LG bought VM for around 23 Billion dollars 7 years ago and O2 was valued at £10 billion 5 years ago I would be interested in how VM would be the lesser partner in a 50:50 merger that they would have supplement the deal with cash.

Now if LG/VM were to “buy” O2 in a stocks and cash offer, then obviously I could see cash payment.

Re: Liberty Global in talks to merge Virgin Media with O2
 

As you say, VM was bought in 2013 for £15bn some seven years ago. A lot can happen in seven days let alone seven years but I too am surprised to see it valued at less than O2. Per the Bloomberg article, New Street Research has valued O2 UK at £12.6bn ($15.8bn).

The Daily Telegraph says we should know more of the details on Wednesday so there could be a bit more to the transaction than what has been reported to date. For example, is it possible that Virgin Mobile may not be included due to potential competition issues? An O2 UK-VM combination will take their combined mobile market share above 29% which normally triggers an enquiry by the UK competition authorities. Perhaps Liberty Global may sell the VM mobile customer base separately to another provider like Three?

Re: Liberty Global in talks to merge Virgin Media with O2
 

All kinds of variables there.

I don’t think there will be a competition issue. You would still have 4no. Network operators. I’m not including MVNOs.

This will be interesting, I suppose we’ll just have to wait until Wed.

---------- Post added at 21:38 ---------- Previous post was at 20:40 ----------

Some further analysis

https://www.graystonestrategy.com/vi...iew-on-things/

Re: Liberty Global in talks to merge Virgin Media with O2
 

Yes, it will be interesting but probably concerning for some employees in those two companies.
The number of players in the market is not normally considered, but how you define a) the market and b) market share is key.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Well I am an employee of one of those companies, and I wouldn’t be concerned. But I am not in the mobile division.

My other point was you have BT/EE, Vodafone, Three and O2

They are the 4no. MNO’s in the UK. When Three want to buy O2, that was blocked because that would have reduced the number of MNO’s to three.

Virgin, along with Tesco and a load of other MVNO’s are just essentially wholesale customers of whatever MNO they are contracted to.

So if Virgin move their business to O2 instead of Vodafone from EE, so what?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Per the Statista market share chart earlier, the market share of a combined O2 UK and VM would exceed 29% which is usually an issue in the UK.

The acquisition of O2 by Three was blocked by the European Commission who are unlikely to get involved now, per the FT article Den linked to.

---------- Post added at 22:44 ---------- Previous post was at 22:43 ----------

Interesting, thanks for posting.

Re: Liberty Global in talks to merge Virgin Media with O2
 

https://www.ispreview.co.uk/index.ph...gin-media.html

O2 have officially admitted that talks are happening.

Re: Liberty Global in talks to merge Virgin Media with O2
 

And the report from "The Beeb" https://www.bbc.co.uk/news/business-52527804

Re: Liberty Global in talks to merge Virgin Media with O2
 

I can unofficially also confirm, as I am being asked questions, the same questions that are always asked whenever we are about to either be bought or merged.

Re: Liberty Global in talks to merge Virgin Media with O2
 

The Telegraph reported over the weekend that they reckon this is another Malone tax avoidance scheme. He's the master of it...

https://www.telegraph.co.uk/business...ger-meets-eye/

https://www.telegraph.co.uk/business...-media-merger/

Re: Liberty Global in talks to merge Virgin Media with O2
 

Sky News have published an analysis. It also suggests that part of the MVNO agreement with Vodafone includes VF being able to access Virgin's network to provide broadband service. Is that back haul or the much-rumoured wholesale access Liberty Global are looking at?

https://news.sky.com/story/why-o2-an...ction-11983086

Re: Liberty Global in talks to merge Virgin Media with O2
 

I'm wondering if O2's stake in Tesco Mobile might be sold to Vodafone in the event of the VM-O2 merger happening. This could have two benefits:
a) Placates the competition authorities whilst allowing O2-VM to retain the O2, Virgin Mobile and Giff-Gaff businesses.
b) Compensates Vodafone if the MVNO with Virgin Mobile no longer takes place.

Re: Liberty Global in talks to merge Virgin Media with O2
 

OK, we now have some answers.
1) VM's mobile customers will move to the O2 network
2) VM Ireland is not part of the deal.

Details announced today at https://2zn23x1nwzzj494slw48aylw-wpe...Operations.pdf

Extracts from press release:
BBC news item now at: https://www.bbc.co.uk/news/business-52570593

Re: Liberty Global in talks to merge Virgin Media with O2
 

I don't think Vodafone will spoil the party and attempt to merge with VM itself for a few reasons. Firstly, they've been dancing around each other for years and nothing happened and secondly, Vodafone's boss made it clear that he didn't want to be part of Malone's tax "planning" scheme and get loaded up with debt. So, I think this VM/O2 merger will go ahead

But, that does leave Vodafone out in the cold now with two very powerful multiplatform competitors, so I would not be surprised if Vodafone bought TalkTalk with its 4 million plus broadband customers and possibly CityFibre too. Vodafone and CiryFibre have been working together on various FTTP projects around the country, so it could be a good combination. Last, but not least there is 3, which is very much in a distant fourth place here and I expect something to happen to them too at some point.

And, as you say, where does this leave Comcast? A cable co without a cable network or mobile outfit. I think more mergers are likely now.

I don't think we'll see any moves by Comcast yet, as it's busy dealing the collapse of its film/tv business', but in the future, I expect them to make some sort of move.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Some interesting points there, Horizon. I think one piece of good news for O2-VM's competitors is that its shareholders want to continue milking it as a cash cow and will continue to load it with debt and take out dividends. Thus, it's not in danger of being a big threat to Sky or BT.

Three and TalkTalk both focus on the value end of the market so would make more of a a logical combination from a customer perspective. However, as you say, if Vodafone did not acquire TalkTalk its broadband options are limited to acquiring the far smaller challenger businesses like Community Fibre and City Fibre.

On reflection, Comcast despite its cable roots can probably thrive in the medium term without owning a cable network in Europe. It is currently quite easy for it to resell other providers' broadband capacity and it is strong on content. Three might be a good fit on the mobile front and mobile broadband is improving with 5G.

The deal also hoists a for sale sign over VM Ireland. In the Republic of Ireland the broadband market shares are: Eir 31%, Virgin Media 26%, Vodafone 19%, and Sky 13%. Per https://www.comreg.ie/publication/qu...report-q3-2019
Without Telefonica in that marketplace, there's no obvious trade buyer. Maybe BT at a push.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Now that there can be no European rules blocking mergers. Vodafone and 3 might tie up, but whether our own regualtors want just three mobile phone cos, is another matter entirely.

I think you're probably right on these points.

Sky has 10m+ satellite customers, which, even if it had a cable network, it would take some time and effort to transition all those customers over to it and besides, with Now TV and Peacock being able to be streamed over any broadband line, there is a good argument to be had for not needing a network anyway. Netflix and Disney seem to do okay.

Re: Liberty Global in talks to merge Virgin Media with O2
 

I think this is the most likely scenario. CityFibre recently bought the Talk talk FTTP subsidiary Fibre Nation, and although City Fibre is building apace it has avery small Access Network footprint, so Vodafone would need Talk Talk as well to give them a decent fixed line consumer base.

---------- Post added at 10:52 ---------- Previous post was at 10:50 ----------

There's nothing stopping LG and Vodafone doing a JV with VMIE and Vodafone in Ireland as they have with Ziggo in the NL.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Whilst I wouldn't necessarily rule that out, it would give a combined broadband share on paper of 45% which could trigger competition concerns.

Re: Liberty Global in talks to merge Virgin Media with O2
 

I'm normally all for competition in the marketplace but with the physical limitations of mobile spectrum, there is definitely a case for keeping that competition to a fixed limit. More than 2 for sure, but probably less than 5. 3 or 4 is trickier to determine. Right now we don't seem to have serious capacity issues thanks to the 5G rollout, but in future that might change.

Three have loaded up big on the 5G spectrum, I suspect they've put the big bet on Fixed wireless internet for their future.

If that pays off, I doubt they care much for Vodafone, but if it doesn't then I suspect Three will be gobbled up by someone eventually. I'd say TalkTalk is a good shout but I'm not sure how much life TalkTalk has left in it. Three and Sky/Comcast, maybe?

Re: Liberty Global in talks to merge Virgin Media with O2
 

TalkTalk will eventually get squeezed out of the market by those able to offer faster broadband on their own networks at a cheaper cost than TalkTalk can rent space, so in that sense, I agree. But they have that ready made database of millions of customers and it's much easier and cheaper in the long run for someone to purchase that, than go out and hustle for new custom.

On number of mobile cos, I would prefer 4, but I suspect like most of Europe and now the States, it will end up as only three networks.

Re: Liberty Global in talks to merge Virgin Media with O2
 

That's good because I'm with Smarty and that uses three's network.:D

Re: Liberty Global in talks to merge Virgin Media with O2
 

It’s not a merger, it’s a Joint Venture, which is a subtle but important difference.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Dose that mean Virgin Mobile will use 02 instead of EE in future?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Yes, the EE deal was due to finish soon anyway. If the O2 deal doesn't go through Virgin Mobile will use Vodaphone.

Re: Liberty Global in talks to merge Virgin Media with O2
 

VodaFone I think you'll find, although I admit Vodaphone seems quite a popular name sometimes ;)

I don't think Virgin will be the only MVNO to be changing host network over the next couple of years, somehow.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Vodafone's chief executive today declared he would stick to his current strategy as a standalone mobile player despite last week's mega merger between O2 and Virgin Media.

https://www.standard.co.uk/business/...-a4436706.html

https://www.theguardian.com/business...08a55ecde58541

Re: Liberty Global in talks to merge Virgin Media with O2
 

So as a Virgin media customer with BB,TV,Land line and mobile. What's in it for me in regards to this marger

Re: Liberty Global in talks to merge Virgin Media with O2
 

Nothing.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Possibilities

https://www.bloomberg.com/news/artic...pact-consumers

Re: Liberty Global in talks to merge Virgin Media with O2
 

I suspect consumers on either side won't really benefit from this, more it might just mean 12 months without a price rise (or a smaller price rise) instead of the usual 6-8 it seems to be.

Re: Liberty Global in talks to merge Virgin Media with O2
 

As some on the forum predicted, Vodafone has said it won't make a counter-offer for Virgin Media.
https://www.standard.co.uk/business/...-a4436706.html

Re: Liberty Global in talks to merge Virgin Media with O2
 

Could this see a merger between Sky and Three (Hutchinson) or Comcast buying them in the future?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Nothing should be ruled out but 3 seems to be more of an acquirer than a seller. In 2013, 3 announced its intentions to acquire O2 Ireland and it was successful in doing so. But in 2015, 3 tried to acquire O2 UK but was blocked by the EU on competition grounds.
Whilst a merger with TalkTalk might make sense - both have a value focus - 3 does not have a fixed line presence in the other countries it operates in.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Interesting

Reason I mentioned Sky is they were looking to buy Hutchinson back in 2014 before focusing on buying Sky Italia and Sky Deutschland instead.

As for Talk Talk I’m surprised they are still operating in this aggressive market, maybe a merger could be a good thing for them.

Re: Liberty Global in talks to merge Virgin Media with O2
 

does this mean virgin mobile and 02 moblie be renamed .

Re: Liberty Global in talks to merge Virgin Media with O2
 

unlikely, two very strong brands, it would be daft to lose either, best to combine them if possible.

Re: Liberty Global in talks to merge Virgin Media with O2
 

i think maybe 02 might be used for mobile brand and virginmedia used as the brand for land line tv and internet brand , and company name 02virginmedia

Re: Liberty Global in talks to merge Virgin Media with O2
 

That wouldn't comply with Virgin Group branding rules. All the companies are "Virgin <something>".

Re: Liberty Global in talks to merge Virgin Media with O2
 

You only have to look at what's been done before.

In the NL they kept both brands Vodafone/Ziggo and it's doing vey well. hence the decision to try and replicate it in the UK.

I can imagine something like were they would keep the Virgin Media swirl and have the Virgin Logo on one side and the O2 logo on the other side.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Didn't Virgin Media get named as such because NTL:Telewest bought Virgin Mobile and had to adopt the name?

Re: Liberty Global in talks to merge Virgin Media with O2
 

No, they needed a unified brand once NTL and Telewest merged and their solution was to more or less franchise one from Virgin. I don’t believe the Virgin Mobile branding compelled them to go down that route although there were obvious synergies.

The way it normally works is that Virgin Group buys a stake in the business and then imposes its brand manual on it, but I’m not sure VG has a lot else to do with the day to day running of the business.

Re: Liberty Global in talks to merge Virgin Media with O2
 

As Chris, correctly, commented. NTL:Telewest bought Virgin Mobile and then bought the rights to use the brand from Virgin Group. Branson has never had anything to do with the day to day operations of Virgin Media. He was a major shareholder due to the Mobile deal but he has since sold most, if not all of them. There were certain criteria the company had to meet in order to use the brand and Branson commanded an annual fee to use the brand. Can't remember the exact figure £30M or something like that.

Re: Liberty Global in talks to merge Virgin Media with O2
 

virgin02

Re: Liberty Global in talks to merge Virgin Media with O2
 

It's an interesting branding dilemma. I think the parent company would start off as something like Virgin Media O2. I think they'e both strong brands although the value of the Virgin brand was tainted for some by Richard Branson's request for financial assistance for Virgin Atlantic.

O2 is the bigger brand name with some 23m customers. It sponsors the England rugby team and a range of music venues across the UK and The O2 in Greenwich.

But the O2 brand is also used by other companies - Telefonica in Germany and the former Telefonica subsidiaries in the Czech Republic and Slovakia. And in UK consumers' minds it would probably be perecived as a mobile-only brand without strong promotion.

Virgin Media is only present in another country (Ireland) and is strongly associated with broadband and cable TV, so I'm inclined to think it will continue.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Are O2 in Ireland? And will the VMO2 come together in Ireland aswell

Re: Liberty Global in talks to merge Virgin Media with O2
 

No. And no.

Re: Liberty Global in talks to merge Virgin Media with O2
 

It needs a capital V, and a space after the n. I think the name also needs to describe what the business does. Virgin O2 would be an oxygen supplier :)

The most similar case I can find was the merger of Virgin Records and Mercury Records (owner of the EMI brand). They became Virgin EMI Records.

Re: Liberty Global in talks to merge Virgin Media with O2
 

What about "VOM2"? ;)

Re: Liberty Global in talks to merge Virgin Media with O2
 

Well if you can remember far back enough when BT launched O2 the full name was:

mmO2

So they could bring it back to VMO2.

But no, they will keep both brands. This is a Joint Venture not a merger. They still have to keep a certain independence as if it doesn't work out they can separate.

Re: Liberty Global in talks to merge Virgin Media with O2
 

virgin02media then

Re: Liberty Global in talks to merge Virgin Media with O2
 

VOMITT - Virgin, O2, Mobile, Internet, TV, Telephone :eek:
VO2, (most people don't say Virgin Media, they say Virgin)

Re: Liberty Global in talks to merge Virgin Media with O2
 

I like the VMO2 idea as the holding company's name.

It's three things;)
- It's structured as a takeover of Telefonica UK (which trades as O2) by Virgin Media as that ensures Virgin Media's valuable tax credits can still be used.
- It's an effective merger of Virgin Media Ltd and Telefionica UK Ltd as it's a combination of equals.
- The new entity will be 50-50 joint venture between Telefonica SA and Liberty Global plc.

---------- Post added at 11:40 ---------- Previous post was at 11:30 ----------

Is "Media" a relevant term for what is now a telecoms company?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Re: Liberty Global in talks to merge Virgin Media with O2
 

"national connectivity champion" just trips off the tongue, doesn’t it? :D

Re: Liberty Global in talks to merge Virgin Media with O2
 

International cash cow champion would be a more honest description. ;)

Re: Liberty Global in talks to merge Virgin Media with O2
 

Champion of poor customer service and free coffees.

Re: Liberty Global in talks to merge Virgin Media with O2
 

https://www.ispreview.co.uk/index.ph...uk-merger.html

Ironically, the EU has overruled its decision to block the O2/Three merger from a few years ago. Too late now though, just thought it was an interesting development.

Re: Liberty Global in talks to merge Virgin Media with O2
 

I wonder if Three and Telefonica can seek compensation?

Re: Liberty Global in talks to merge Virgin Media with O2
 

4 years on..........reason enough to be free of the ECoJ

Re: Liberty Global in talks to merge Virgin Media with O2
 

I agree with that and probably indicates the likelihood that the Virgin brand will get ditched.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Not likely....at all.

Both brands will continue. This is a JV, not a merger. A subtle but important difference. Both brand identities will continue until one party decides, and stumps up the cash, to buy the other one out.

Re: Liberty Global in talks to merge Virgin Media with O2
 

I disagree. Branding has nothing to do with whether the company is a result of a merger or JV. The parent cos will agree what branding the JV will use - they probably have already.

Using different brands by one company can in some cases be confusing and I see no benefit in retaining both brands post merger. Why pay Richard Branson money to use the Virgin brand when there will be another choice?

Perhaps there may even be a new brand altogether.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Well, I’m going on previous examples. Vodafone/ Ziggo was LG’s first foray into this kind of thing, two strong brands, that they decided to keep.

Virgin is still an iconic sought after brand, and although we have to grease Ricardos palm, I don’t see them ditching it............................unless of course, ditching Richards money is one of the synergy savings identified? Who knows?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Branson's brand was popular, but after recent events I'm not so sure now.

He's not been in the public eye much these recent years and he is getting elderly. But we we did see him a lot the other week, when he was seeking taxpayers cash to bail out his airline, even though he is a billionaire and a tax exile to boot.

I think that one move has done enormous damage to the brand and the JV may (or may not) wish to distance itself from all things related to Branson.

Re: Liberty Global in talks to merge Virgin Media with O2
 

As O2 has ten times the number of customers that VM has (34m v 3.4m) you would think that it would be the logical brand to retain if the new company did choose just the one brand.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Half(-ish) the UK population? That doesn't seem correct, it seems unlikely. How is the figure made up?

Re: Liberty Global in talks to merge Virgin Media with O2
 

Don't forget than many people have a work and home mobile.
More info here and also see the merger website link from Pierre.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Ta.:)

Re: Liberty Global in talks to merge Virgin Media with O2
 

Still not 10x.

Virgin Media UK has 5.5m cable customers taking over 13.4m products (TV, phone, BB) plus a further 3.2m Virgin Mobile subs

As well as those taking multiple sim cards, the O2 figure also includes 8.7m wholesale customers - Sky Mobile, Lycamobile, GiffGaff, Tesco Mobile


RGUs (as of March 2020)

O2 Retail - 26,368,000
Virgin Media UK (cable + mobile) 16,700,500

Re: Liberty Global in talks to merge Virgin Media with O2
 

VM has an ARPU of around £50, and O2 of only £14. So although VM has a smaller customer base, the scope for improved revenue is large.

Re: Liberty Global in talks to merge Virgin Media with O2
 

02 was the first venture in to mobile networks then know as bt cellnet

Re: Liberty Global in talks to merge Virgin Media with O2
 

!unsubscribe 02-Facts

Re: Liberty Global in talks to merge Virgin Media with O2
 

Virgin Media O2 and its shareholders are exploring a takeover bid for Trooli

https://news.sky.com/story/virgin-me...snt-sf-twitter

Re: Liberty Global in talks to merge Virgin Media with O2
 

The consolidation of altnets is starting.

Jurassic, Swish, Giganet and Allpoints are merging into one (don't know what the name will be).

Zzoom and VMO2 are looking at Trooli.

VMO2 is also building new FTTP networks for NexFibre, on which VMO2 will be an anchor tenant, but the network will be open to other ISPs to use. Similar to the Cityfibre model.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Think I read somewhere that a new build network needs a 40% market share to be viable and most of the altnets aren't reaching this.

The competition has however been good for customers as it's forced Openreach to speed up its own fast fibre roll-out.

Re: Liberty Global in talks to merge Virgin Media with O2
 

The original CATV builds in the 90's works on 30% penetration, and most achieved that, but it wasn't enough everyone went bust, hence the consolidation eventually to VM.

Some Altnets are only 10%, Network construction costs are a bit cheaper because of PIA but it's not sustainable.

Altnets overbuilding each other is also madness.

If you overbuild an area that already has BT, VM & Cityfibre you're taking a big risk. If you overbuild an area that has those three plus another altnet, you like losing money.

Re: Liberty Global in talks to merge Virgin Media with O2
 

Vodafone and Three UK owner CK Hutchison have agreed a merger subject to approval by regulators.

The merger would make them the biggest mobile phone operator, overtaking both BT/EE and Virgin Media O2

Re: Liberty Global in talks to merge Virgin Media with O2
 

Makes sense.

The only thing they won’t have is a fixed Access Network, but there will be plenty to lease or buy.

Re: Liberty Global in talks to merge Virgin Media with O2
 

They do have a fixed network just not in the way that OR or VM does. Its pretty extensive too in excess of 13,000km....they're one of the largest providers when it comes to the backhaul and interconnect space (obvs the former are larger).

Re: Liberty Global in talks to merge Virgin Media with O2
 

I said Fixed Access Network.

They have a very extensive Core Network, that they acquired when they bought Cable and Wireless.