Liberty Global completes Virgin Media buyout

The world’s largest cable operator just got bigger with the news that Liberty Global has completed its acquisition of UK cableco Virgin Media in a stock and cash merger value at around US$ 24bn, after clearing the necessary shareholder and regulatory approvals.

The newly-combined company has 25mn customers (based mostly in Europe) for its voice, video and data services, of which nearly 5mn are served by Virgin Media.

Liberty Global recently named Tom Mockridge as new chief executive officer of Virgin Media and Dana Strong as its chief operating officer, taking over respectively from Neil Berkett and Andrew Barron.

Mike Fries, CEO of Liberty Global, said: “With superior network capacity, the fastest broadband speeds and innovative digital TV platforms, we’ve never been more excited about the growth potential and strategic direction of our business.”

As a key part of the acquisition, revealed back in February, Liberty Global has opted to become a subsidiary of a new UK-based holding company, also called Liberty Global, which will operate as a UK public limited company.

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