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

The confirmation of the sale of another 8% of its tower business was expected and reported in the FT in September. VMED is shifting

CEO Lutz Schüler is on medical leave for up to 8 weeks and will be replaced temporarily by the CFO; he is expected to

A further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of

VMED dropping any objections to the Vodafone/Three merger is no shock. The UK market is saturated, but a price war is unlikely as all

An extension of the network-sharing agreement with Vodafone is a slight positive for bondholders. The extension depends on