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VIDEO: Liberty Global to buy Virgin Media

2013-02-06 15:22:14| BBC News | Business | UK Edition

US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (15bn).

Tags: video media buy global

Virgin Media snagged for $23.3B by Liberty Global

2013-02-06 14:28:51| CNET News.com

Liberty Global says the deal creates the "world's leading broadband communications company," covering 47 million homes and 25 million customers across 14 countries. [Read more]

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AUDIO: Liberty Global 'largest cable operator'

2013-02-06 13:10:05| BBC News | Business | UK Edition

Nick Thomas of Informa Telecoms & Media says Liberty Global buying Virgin Media makes them the "largest cable operator in the world".

Tags: audio global largest cable

Liberty Global to buy Virgin Media for USD 23 bln

2013-02-06 08:51:00| Telecompaper Headlines

(Telecompaper) Liberty Global has agreed to acquire UK cable operator Virgin Media for USD 23.3 billion. Virgin Media shareholders will receive USD 17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for each Virgin Media share they hold. This implies a price of USD 47.87 per Virgin Media share, a 24 percent premium on the closing price the day before merger talks were first announced. Liberty Global said it expects the takeover to result in operating and capex synergies of around USD 180 million in the first full year of integration. Virgin Media is also expected to help the company's strategy in mobile and business services, where it has been looking to grow. Liberty plans to finance the cash portion of the takeover, worth about USD 5.9 billion, with its own cash and that of Virgin Media, as well as an increase in Virgin's debt by around USD 3.0 billion. The shares component will give Virgin shareholders 36 percent of Liberty Global's capital and 26 percent of the voting rights. Liberty Global also plans to move its holding company from the US to the UK after the takeover, and said it could later pursue a stock listing in Europe. The deal still requires shareholder approval, planned for the second quarter, and Liberty's largest shareholder, John Malone with 35 percent, has pledged to support the deal.

Tags: media buy global usd