Company: LBTYK
Filing Date: 2025-03-25
Form Type: 10-K/A
Source: 0001570585-25-000097
Chunk: 57

Company: Liberty Global Ltd.
Filing Date: 2025-03-25
Form: 10-K/A
Chunk 57
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.0 times EBITDA (as defined in the Shareholders Agreement), including the completion of periodic recapitalisations and/or refinancings.

Charges for JV Services - Framework Services Agreements

Pursuant to the framework services agreements (collectively, the JV Service Agreements ) entered into in connection with the closing of the JV Transaction, Liberty Global and Telefónica charge VMED O2 fees for certain services provided to us by the Shareholders and their respective subsidiaries (collectively, the JV Services ). The JV Services are provided to us on a transitional or ongoing basis. Pursuant to the terms of the JV Service Agreements, both the ongoing services and transitional services are provided for specified terms from the 1 June 2021 formation of the Joint Venture. The JV Services provided by the Shareholders and their respective subsidiaries consist primarily of (i) technology and other services, (ii) capital-related expenditures for assets that we use or otherwise benefit us, (iii) brand name and procurement fees and (iv) certain corporate services. The fees that Liberty Global and Telefónica charge us for the JV Services, as set forth in the table below, include both fixed and usage-based fees.

During the first quarter of 2024, we changed the terms related to and approach to how we reflect charges for certain products and services received from Liberty Global under the JV Service Agreements, specifically, customer premises equipment ( CPE ) and the embedded essential software. As a result of a contractual change, we now procure and capitalise the combined cost of the CPE and embedded essential software as property, plant and equipment additions. Prior to 2024, while CPE was capitalised, it was procured directly by VMED O2, with the related embedded essential software procured through Liberty Global and reflected within other operating expenses.

#### Fibre Joint Venture Agreements
In December 2022, Liberty Global and Telefónica, along with investment firm InfraVia Capital Partners, formed a new fibre joint venture to build a wholesale fibre-to-the-home network in the U.K. under the brand name “nexfibre”. nexfibre has a target to role out fibre to 5 million greenfield homes not currently served by VMED O2’s network. VMED O2 is an anchor tenant of the new network, extending its serviceable footprint, as well as providing its well-established network expansion expertise, systems and relationships to nexfibre, including construction, IT, technology and corporate services.

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