LONDON (Reuters) -Liberty Global said Britain’s Virgin Media O2 – its joint venture with Telefonica – would still play a role in fibre consolidation after the Spanish company said a plan to spin off the network had been scrapped.
“I do see us playing a role in altnet (alternative fibre networks) consolidation, which was one of the main benefits of the Netco project that we were exploring together,” Chief Executive Mike Fries told analysts after the group reported second-quarter results on Friday.
“I think there are many things about the Netco strategy that Telefonica would agree with and other aspects they don’t.
“And so as good partners we will work to find the areas of agreement and head forward.”
Telefonica’s Chief Executive Marc Murtra told Reuters on Wednesday the plan to spin off Virgin Media O2’s fixed network had been scrapped.
Reports last year said the companies were planning to sell a 20-40% stake in the network as part of the spinoff.
(Reporting by Paul Sandle; editing by Sarah Young)
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