Virgin Media O2 has agreed to buy Russian-backed broadband provider Upp, which Britain demanded be sold last year due to security concerns. Upp, which provides fibre internet in the East of England and the East Midlands, was owned by Luxembourg investment manager Letter One, a group backed by Russian oligarchs. Although Virgin Media O2 did not disclose precisely what it paid for Upp, it is thought to be worth less than £100million. Upp specialises in ‘alternative networks’ and has 4,000 customers, offering broadband services to about 175,000 locations in England. Lutz Schuler, chief executive of Virgin Media O2, said the company had a ‘clear strategy in place to be the biggest fibre challenger in the country’.

Source: Daily Mail September 07, 2023 17:18 UTC