Liberty Global/Telefonica/InfraVia/Netomnia and Brsk Assets Merger (Case M.12367)

M.12367 - LIBERTY GLOBAL / TELEFONICA /

INFRAVIA / NETOMNIA AND BRSK ASSETS

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 30/03/2026

In electronic form on the EUR-Lex website under document number 32026M12367

EUROPEAN COMMISSION

DG Competition

Brussels, 30.3.2026 C(2026) 2302 final

PUBLIC VERSION

Telefónica Infra, S.L.U. Distrito Telefónica Ed. Central, Planta 3, Ronda de la Comunicación s/n 28050 Madrid Spain Liberty Global Limited

120 King's Road

SW3 4TR London United Kingdom Crown Infra Bidco Limited 42, Rue Washington 75008 Paris France

Subject: Case M.12367 - LIBERTY GLOBAL / TELEFONICA / INFRAVIA / NETOMNIA AND BRSK ASSETS Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2 Dear Sir or Madam, (1) On 27 February 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Liberty Global Limited ("Liberty Global", Bermuda), Telefónica Infra S.L.U. (Spain), controlled by Telefónica S.A. ("Telefonica", Spain), and Crown Infra Bidco Limited (United Kingdom), controlled by InfraVía Capital Partners SAS. (France), will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Netomnia Limited ("Netomnia", United Kingdom) and Brsk Limited ("Brsk", United Kingdom) "last mile" access network assets

() OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty 1 on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the

replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The

terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 2

EUROPEAN COMMISSION

("Target Assets", controlled by Substantial Topco Limited, United Kingdom) by

way of purchase of shares. ( ) (2) The business activities of the undertakings concerned are the following:

• Liberty Global is a public limited company listed on the NASDAQ Global

Select Market and headquartered in Bermuda. It owns and operates cable networks offering television, broadband internet, fixed-line voice telephony and mobile telecommunications services in several countries in Europe.

• Telefónica is a global telecommunications operator and mobile network

provider listed on the stock exchanges in Spain, New York and Lima, and headquartered in Madrid. Telefónica is active in the telecommunications, media and entertainment sectors, mainly in Europe and Latin America.

• InfraVia is a European private equity firm which specialises in

infrastructure, critical metals, real estate and technology investments throughout Europe, headquartered in France.

• The Target Assets of Netomnia and Brsk are headquartered in the UK and

are active in the fixed telecommunication sector in the UK. On the one hand,

Netomnia develops and operates wholesale fibre to the premises ("FTTP")

networks in the UK, on the other hand, Brsk builds FTTP networks in the UK. (3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission (Signed)

Linsey MCCALLUM

Director-General (acting) Directorate-General for Competition

() OJ C, C/2026/1744, 17.3.2026. 3() OJ C 160, 5.5.2023, p. 1 (the 'Notice on a simplified treatment'). 4