Company: LBTYK
Filing Date: 2025-03-25
Form Type: 10-K/A
Source: 0001570585-25-000097
Chunk: 36

Company: Liberty Global Ltd.
Filing Date: 2025-03-25
Form: 10-K/A
Chunk 36
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2 is the majority shareholder (50.01%) of the Granstone group (consisting of Granstone Holdco Limited ( Granstone ), its direct subsidiary O2 Networks Limited ( O2 Networks ), and O2 Networks’ 50% shareholding in Cornerstone Telecommunications Infrastructure Limited ( Cornerstone) which is accounted for under the equity method). The non-controlling shareholders are GLIL Infrastructure LLP ( GLIL ) and Equitix Investment Management Limited ( Equitix ).

In 2023 VMED O2 sold a 33.33% stake in Granstone (representing 16.66% of Cornerstone) to GLIL for which we received a cash consideration of £359.5 million. This transaction is viewed as an equity transaction and therefore the £359.5 million cash proceeds, which were previously disclosed as an investing activity, are now disclosed as a financing activity. The prior year numbers in the consolidated statements of cash flows have been restated accordingly.

In September 2024, VMED O2 entered into a sale and purchase agreement to sell an additional 16.66% stake in Granstone, (representing 8.33% of Cornerstone), for a cash consideration of approximately £186 million to the non-controlling shareholders. This follows on from, and is along equivalent terms to, the previous sale in 2023.

In November 2024, the transaction completed and VMED O2 received £186 million in cash proceeds from the sale and immediately paid £9.9 million held in trust (see footnote (d)) to the non-controlling shareholders.

Cornerstone remains a critical supplier to VMED O2 and these transactions have not impacted the existing commercial network sharing agreement between Vodafone and VMED O2, which sees the two companies share radio equipment across certain areas of the country.

(b) As of 31 December 2024, we own 50% of Tesco Mobile Limited ( Tesco Mobile ). We have determined our 50% interest in Tesco Mobile, a mobile virtual network operator ( MVNO ), to be classified as a joint venture (the Tesco Mobile JV ) and accounted for under the equity method in our consolidated financial statements.

(c) The assets associated with our equity method investments are included within other assets, net, on our consolidated balance sheets.

<div align='center'>IV-31</div>

#### VMED O2 UK LIMITED

### Notes to Consolidated Financial Statements — (Continued)

#### 31 December 2024, 2023