Merger Update : nexfibre / Substantial

CMA publishes interim report in the nexfibre / Substantial merger inquiry.  

The Competition and Markets Authority (CMA) has published its interim report in its investigation of the anticipated acquisition by Opal JVco Limited (nexfibre) of Substantial Topco Limited (Substantial). 

nexfibre is a joint venture between Liberty Global Ltd (Liberty Global) and Telefónica S.A. (Telefónica) (together, also the owners of VMED O2 UK Limited (VMO2)) and Crown Infra Bidco Limited, an entity wholly owned by funds managed by InfraVia Capital Partners (InfraVia) (a private equity investor).  

Substantial is a holding company for a corporate group that includes Netomnia Limited and Brsk Limited (both of which develop and operate fibre broadband networks), YouFibre Limited and Brsk ISP Limited (retail providers of fibre broadband).  

The CMA inquiry group has provisionally found that nexfibre's proposed acquisition of Substantial could substantially reduce competition in the wholesale supply of fixed broadband services.  

The findings are provisional, not a final decision. The inquiry group is now inviting nexfibre and Substantial to submit a remedy proposal within the next 14 calendar days, which the CMA would then expect to consult on publicly. The inquiry group is also inviting feedback from nexfibre, Substantial as well as other stakeholders with an interest in this investigation on the provisional findings by Friday 23 October.  

The inquiry group will consider all submissions before reaching its final decision, which is expected by 15 December 2026. 

For more information, visit the https://www.gov.uk/cma-cases/nexfibre-slash-substantial-merger-inquiry case page.

Notes to editors: 

1.   For media enquiries, contact the CMA press office on 020 3738 6460 or [email protected].