Wed, 06 Feb 2013 | MERGER
US cable group Liberty Global has agreed to buy the Virgin Media business, it has been confirmed.
The deal, worth around $23.3 billion (£15 billion) will be delivered in both cash and stock and will create the largest broadband company in the world.
Virgin is performing well at the moment and reported a 30 per cent rise in operating profits last year. Indeed, it clocked up £699.1 million and added over 88,000 new customers to its cable business.
The merger will see it become the second biggest pay-TV business in the UK after Rupert Murdoch’s BSkyB.
Mike Fries, chief executive of Liberty Global, commented: “Adding Virgin Media to our large and growing European operations is a natural extension of the value creation strategy we've been successfully using for over seven years.”
Neil Berkett, chief executive of Virgin Media, added that combining the companies should result in a group that can “grow faster and deliver enhanced returns by capitalising on the exciting opportunities that the digital revolution presents, both in the UK and across Europe”.
The deal is still subject to the approval of shareholders and the related regulatory bodies.
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