VMO2 - comment

Bloomberg reports that a group of VMO2 creditors, including BlackRock, PIMCO and Sona Asset Management, have retained Milbank LLP. The CMA's provisional objections put at risk a transaction expected to deliver c.£1.1bn of cash to VMO2, alongside a 15% stake in Nexfibre, with the proceeds intended to support deleveraging. With the CMA's final decision due by 15 December, meaningful engagement with VMO2 is likely to remain limited until the regulatory outcome is clearer.