The Three deal is part of the same broad strategy that prompted Telefonica/Liberty Global to buy Netomnia. Owning more of

Telefonica views the UK as one of its four key markets and intends to continue consolidating the Alt-net broadband providers. In the long term, this

Adding Infravia Capital to the group, looking to buy Netomnia points to Telefonica and Liberty bidding for the asset directly and possibly avoiding

The repricing of the €720m 2031 TL B from E+350 to E+300 is a positive for creditors. There is some upside from a possible bid by

Liberty wants to split network assets from customers to boost multiples; Telefonica doesn’t. We expect Telefonica to want to take

The decision to end the network spinoff deal is a surprise and points to a divergence in strategy between Liberty and Telefonica. The impact is

VMED is the natural purchaser of Vodafone's spare spectrum; OFCOM needs to approve the deal but is unlikely to block it. VMED will now

If BT acquires TalkTalk it would solidify its leading position in the consumer broadband market. VMED will still be interested in acquiring the

Acquiring CityFibre would be marginal for Liberty/Telefonica unless the assets were acquired at a significant discount. Any potential purchase of

The impact on bondholders here is small, the leverage in the acquired asset is 5.5x (above the level at VMO2), but at <4% of the VMO2 debt stack, it is