A BROADBAND provider conducting major works in Reading could be on the cusp of being bought out by Virgin Media O2.
The Telegraph reported on March 18, that talks had taken place between Liberty Global CEO Mike Fries and CityFibre boss Greg Mesch regarding a possible takeover.
Virgin Media O2 is jointly owned by Liberty Global and Spanish multinational telecommunications company Telefonica.
It is estimated that 50% of CityFibre’s network, which includes its £58 million Reading project, overlaps with Virgin Media O2.
In November, Reading Today spoke with CityFibre following residents’ concerns over severe traffic disruption which led to Reading Borough Council summoning directors for questioning.
The company stated its commitment to delivering its full fibre network to Reading, which it projects to bring £625 million to the town.
At the time, Stacey King, regional partnership director, said: “We want to build the best possible network, the UK is behind the curve with our digital infrastructure. There’s been a lot of underinvestment in this area.
“From a CityFibre perspective, we wanted to spark a bit of a change, really pushing us forward as an economy and underpinning that with the best digital infrastructure we possibly can.”
Both CityFibre and Virgin Media declined to comment on the reported takeover talks.
