Supporting the consolidation of the UK fiber optic sector

Founded in 2021, Upp has quickly established itself as the next generation broadband operator, covering the East of England. The company has actively deployed a high quality fiber optic network across the Lincolnshire, Rutland and Norfolk areas.

This transaction, which was executed entirely in cash, represents a significant milestone. It initially allows Virgin Media 02 to acquire Upp and carry out additional network integration and rollout work. nexfibre will finance the eventual acquisition through an agreement to purchase Upp’s network assets.

Virgin Media O2, a leading telecommunications company, provides services to more than 47 million subscribers in the UK. It is a 50/50 joint venture between Liberty Global and Telefonica, making it an important player in the telecom sector.

nexfibre is a separate telecom network joint venture owned by Liberty Global, Telefónica and InfraVia Capital Partners. It is investing £4.5bn to bring fiber to 5 million UK homes by 2026, with the potential to reach a total of 7 million homes after that date. The full range of Virgin Media O2 broadband services will be available via the nexfibre network.

During this transaction, Société Générale acted as exclusive financial advisor to Letter One, leveraging its expertise in digital transformation and strategic financial solutions for its clients, particularly in the dynamic and regulated telecommunications and telecommunications technology sectors.