Nexfibre Buys £2 Billion Alt-Net as UK Consolidation Starts

Nexfibre Networks Ltd., the broadband venture owned by Telefonica SA and Liberty Global Corp., has agreed to buy the owner of fiber challenger brand Netomnia Ltd. in a deal valued at £2 billion ($2.7 billion), marking the first major consolidation in the crowded UK market.

Telefonica, Liberty and Nexfibre’s other joint venture partner, InfraVia Capital Partners, will commit £1 billion to Nexfibre to fund the acquisition of Substantial Group, according to a statement on Wednesday.