Virgin Media O2 has struck a deal to acquire UK broadband provider Upp that oligarch-backed investment company LetterOne was forced to sell on national security grounds.
The UK telecoms group will initially buy the business before selling it on to a joint venture called Nexfibre between its owner Liberty Global, Spain’s Telefónica and InfraVia Capital Partners within the next year.
The British government ordered the sale of Upp late last year after deciding LetterOne’s ownership of the company was a “risk to national security”.
Read the full story on the Financial Times here.