LONDON, June 2, 2025 – Leading international law firm Proskauer today announced that it advised Scotiabank (The Bank of Nova Scotia) as facility agent, and the underwriters and bookrunners, on the arrangement of a new £950 million Term Loan A facility for Virgin Media O2.
The loan was established through an additional facility accession deed, supporting Virgin Media O2’s new B2B venture with Daisy Group, a UK provider of unified communications and IT solutions.
With annual pro forma revenues of around £1.4 billion, the new B2B entity will be consolidated by Virgin Media O2 with Daisy Group holding a 30% stake.
The deal is value-accretive for all parties and is projected to drive further growth through greater scale, efficiencies and a combined set of products for UK businesses.
The team was led by partner Philip Bowden and included partner Megan Lawrence and associates Angus McWhirter and Andrew Surgey.
Virgin Media O2 was represented by Ropes & Gray.
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