LONDON–(BUSINESS WIRE)–Soho Square Capital LLP (“Soho Square”), an investment firm focused on financing established and growing UK and European SMEs, is pleased to confirm its portfolio company Netomnia, the UK’s second largest alternative fibre provider, has announced an agreement to be acquired by InfraVia, Liberty Global and Telefónica. The acquisition, which is subject to customary clearances, will be made by the parties’ joint venture company, nexfibre, and will unlock £3.5 billion of investment in the UK market.
In 2020, Soho Square was the first institutional investor in Netomnia and subsequently committed additional capital as the business scaled. The company has also attracted backing from fellow shareholders Advencap and DigitalBridge, and now has more than 3 million fibre premises and 460,000 customers.
The combination of nexfibre, Netomnia and more than 2 million Virgin Media O2 premises, which will be upgraded by nexfibre, will create a scaled, financially secure challenger to BT Openreach, with a full fibre footprint of around 8 million premises by the end of 2027. When combined with the growing fibre footprint of Virgin Media O2, co-owned by Liberty Global and Telefónica, the two networks will collectively reach 20 million premises and give internet service providers a highly attractive wholesale alternative to the incumbent.
Jeremy Chelot, Group CEO, Netomnia and YouFibre, said:
“This landmark transaction with nexfibre represents the natural evolution of the UK’s fibre market. Consolidation has been inevitable, and this deal creates the scaled, sustainable platform needed to drive genuine wholesale competition. Importantly, our retail brand, YouFibre, will remain post-close, ensuring our customers continue to receive the same trusted service they know today, while benefiting from the financial strength and infrastructure scale this combination delivers. This is about building a stronger future for UK fibre.”
Walid Fakhry, Co-Managing Partner at Soho Square Capital, commented:
“At Soho Square Capital, we back exceptional entrepreneurs and Jeremy is a prime example. We were proud to be his original backers, partnering with him and his management team from the very beginning. Our structure is designed to enable founders and management teams to retain and maximise value as they build great businesses, and Jeremy and his team have seized that opportunity. They set themselves an extraordinarily ambitious growth plan, executed relentlessly, and built Netomnia into the UK’s second-largest alternative fibre provider. This transaction is first and foremost a reflection of what Jeremy and his team have achieved, and we are delighted it also delivers a stronger UK fibre market and a strong return for our investors.”
Joe Tebbutt, Director at Soho Square Capital, added:
“It has been a privilege to work alongside Jeremy and his team since 2020. Their ambition, execution, and ability to attract multiple rounds of financing speak for themselves — this outcome is thoroughly deserved.”
About Soho Square Capital
Soho Square Capital is an investment firm focused on providing flexible capital solutions, typically in the form of senior or preferred capital with minority equity stakes, to established and growing UK and European SMEs. Headquartered in London, the firm is led by a highly experienced team that has been investing together for over 15 years, through many economic cycles and have the expertise and flexibility to invest up to £45 million in any given transaction, across the capital structure, from senior debt to equity. The team works closely with business owners and management teams to structure innovative, bespoke financing solutions and offer enhanced portfolio company support.
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