Virgin Media O2 CEO challenges BT Group’s acquisition of TalkTalk

Virgin Media O2 (VMO2) CEO Lutz Schüler has issued an open letter to UK Culture Secretary Lisa Nandy, formally objecting to BT Group’s acquisition of TalkTalk and PlatformX Communications (PXC).

BT Group reached an agreement to acquire TalkTalk’s consumer broadband business and its wholesale division out of administration for a total cash impact of approximately £400 million by FY27. The deal followed TalkTalk’s failure to reach agreements with other bidders and the looming threat of disorderly liquidation, which risked disrupting critical public services.

While the UK government issued a Public Interest Intervention Notice to ensure service continuity for 2.5 million customers, VMO2 has criticized the move. Schüler argued that the deal “makes a mockery of the market” and warned that handing a dominant incumbent control over a struggling rival could damage long-term competition and send a “chilling message to investors.”

The Competition and Markets Authority (CMA) has launched an investigation into the acquisition and is expected to report its findings to the Secretary of State by October 19.