By Mauro Orru

Liberty Global PLC, Telefonica SA and InfraVia Capital Partners have agreed to deploy fiber infrastructure for millions of homes across the U.K. with an investment of roughly 4.5 billion pounds ($5.48 billion).

The companies said in a joint statement Friday that they have agreed to form a joint venture to initially roll out fiber to 5 million homes not currently served by Virgin Media O2's network. The deal also paves the way to add 2 million homes at a later stage.

The joint venture secured GBP3.3 billion in debt financing from a consortium of banks, including a GBP3.1 billion capital expense facility.

Liberty Global and Telefonica will retain a combined 50% stake in the venture through a holding company, while InfraVia will hold the remaining 50%.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 29, 2022 06:26 ET (10:26 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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