InfraVia, Liberty Global and Telefonica Acquire Substantial Group
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
0mins
Should l Buy LBTYA?
InfraVia, Liberty Global (LBTYA) and Telefonica (TEF) have announced an agreement to acquire Substantial Group. Founded in 2019, Substantial Group, owned by investors Advencap, DigitalBridge and Soho Square Capital, is the UK's second largest alternative fibre provider, expected to have more than 3.4 million fibre premises and over 500,000 customers by completion. The acquisition will be made by the parties' joint venture company, nexfibre, and will unlock GBP 3.5 billion of investment in the UK market. Infravia, Liberty Global and Telefonica are committing GBP 1B in new net funding for nexfibre to fund the transaction - made up of GBP 850m from Infravia and GBP 150M jointly from Liberty Global and Telefonica, with Virgin Media O2 committing traffic on 4.6m overlapping and adjacent homes. In a joint statement, Vincent Levita, Founder & CEO, InfraVia Capital Partners, Mike Fries, Chairman & CEO, Liberty Global and Marc Murtra, Chairman & CEO, Telefonica said: "By bringing our strengths together, we are creating a scaled and financially secure wholesale fibre challenger to BT Openreach - one that will enhance competition, strengthen the UK's digital infrastructure and deliver greater choice and quality for consumers and businesses. This transaction unlocks GBP 3.5 billion in international investment and reflects our shared confidence in the UK as a highly attractive market for long-term investment, supported by the government's economic policies. We are committed to accelerating full-fibre coverage and helping ensure the UK remains competitive and ready for the future."
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Analyst Views on LBTYA
Wall Street analysts forecast LBTYA stock price to rise
6 Analyst Rating
0 Buy
5 Hold
1 Sell
Hold
Current: 11.510
Low
11.00
Averages
12.75
High
13.90
Current: 11.510
Low
11.00
Averages
12.75
High
13.90
About LBTYA
Liberty Global Ltd. is an international provider of broadband Internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and is an active investor in the technology, media, sports and infrastructure sectors. It also provides technological solutions and finance services. Its extensive broadband networks enable it to deliver ultra-high-speed internet service across its markets, be it through fiber, Hybrid Fiber Coaxial (HFC) or mobile technologies. Its segments include Liberty Telecom, Liberty Growth and Liberty Services. Liberty Telecom provides residential and business telecommunication services in Belgium through Telenet, in Ireland through VM Ireland and in Slovakia through UPC Slovakia, and is a fixed network provider in each of these countries. Liberty Growth is its venture capital arm that invests in businesses. Liberty Services is its corporate services business unit.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- EBITDA Performance: VodafoneZiggo's adjusted EBITDA fell by 6.4%, while Telenet grew by 8.9%, reflecting operational performance disparities across Liberty Global's markets, potentially raising investor concerns about profitability.
- Cost Management Success: Liberty Global has successfully reduced its net corporate costs by 75% over the past two years, demonstrating effective cost management strategies that are expected to support future strategic investments and financial stability.
- Cash Flow Position: The company ended Q1 with a cash balance of $1.9 billion, with expectations to reach $1.5 billion by year-end, providing funding support for future strategic initiatives despite facing revenue pressures.
See More
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- Acquisition Progress: The company expects to close the acquisition of Vodafone's 50% stake in its Dutch JV this summer, with the required $1.2 billion funded through approximately $700 million in asset sales, demonstrating an active strategy in value unlocking and capital allocation.
- Revenue Dynamics: VodafoneZiggo reported a 1.8% revenue decline in Q1, with adjusted EBITDA down 6.4%, while Virgin Media O2 also saw a 3% drop in service revenue, reflecting intensified market competition and cost pressures impacting revenue.
- Future Outlook: Management aims to maintain around $1.5 billion in corporate cash by the end of 2026 despite expected outflows associated with the Vodafone stake acquisition, indicating strategic flexibility in navigating market challenges and investment opportunities.
See More
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- Revenue Growth Details: The total revenue for Q1 reached $1.27 billion, aligning with market expectations, indicating that the company has maintained solid performance amidst a changing market environment, thereby boosting investor confidence.
- Strategic Development Focus: Liberty Global is pursuing the spin-off of Ziggo Group, targeting $1.5 billion in corporate cash by 2026, a strategy that aims to optimize capital structure and enhance overall company value.
- Market Expansion Plans: The company has also proposed an acquisition of London's NBA Europe team, showcasing its intent to expand in the sports and entertainment sector, aiming to enhance brand influence and market share through diversified investments.
See More
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- Financial Performance: Liberty Global Ltd reported a total consolidated adjusted EBITDA of $366.5 million for Q1 2026.
- Year-over-Year Growth: This figure represents a 12.9% increase compared to the same quarter in the previous year.
See More
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- Year-over-Year Growth: The revenue reflects an increase of 8.8% compared to the same quarter in the previous year.
See More
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See More
