VMEDO2 - comment
Adding Infravia Capital to the group, looking to buy Netomnia points to Telefonica and Liberty bidding for the asset directly and possibly avoiding Competition Authority issues by keeping ownership independent of VMED. A GBP2bn bid from VMED for Netomnia would add 0.7x turns of leverage to VMED’s 4.00x (company metrics), potentially sellable to investors, but at the top end of the 4x – 5x target set by the company. A bid from the parent companies skirts this.