Merger Update: nexfibre / Substantial

Start of CMA Merger Investigation and Reference to a Phase 2 Investigation: Anticipated Acquisition by Liberty Global, Telefónica and InfraVia (through their joint venture, nexfibre) of Substantial

The Competition and Markets Authority (CMA) announced the launch of its phase 1 merger inquiry by notice to the Parties on 29 June 2026.

The CMA has agreed to a fast-track reference to an in-depth phase 2 investigation of the anticipated acquisition by Liberty Global, Telefónica and InfraVia (through their joint venture, nexfibre) of Substantial.

Pursuant to section 34ZD of the Enterprise Act 2002 (the Act), merging parties can request that the CMA make a fast-track reference to a phase 2 investigation without the CMA having made a phase 1 decision on competition issues. Following consideration of the merging parties' fast-track request, the CMA concluded that the conditions to accept the request are met. The CMA has therefore decided to refer this merger for a phase 2 investigation pursuant to sections 33(1A) and 34ZF of the Act.