Ropes & Gray Advises on Joint Venture Agreement Between Liberty Global and Telefonica
Ropes & Gray has advised Liberty Global on the financing aspects of its 50-50 joint venture agreement with Telefonica in connection with a merger of its UK operations O2 with Virgin Media, to create the leading fixed-mobile provider in the United Kingdom.
The deal, which valued O2 at £12.7 billion and Virgin Media at £18.7 billion, both on a total enterprise value basis, will combine Virgin Media and O2 to create a nationwide integrated communications provider with over 46 million video, broadband and mobile subscribers and £11 billion of revenue*. The transaction is expected to close around the middle of 2021 and is subject to regulatory approvals, consummation of the recapitalizations, and other customary closing conditions.
The Ropes & Gray team was led by finance partners Rob Haak and Alex Robb, both based in London.