Liberty Global has completed its $24 billion buy-out of the UK’s Virgin Media.
The deal was announced in February, subject to shareholder and regulatory approval which have now both been received.
Virgin Media is the UK’s second largest pay-TV platform with 4.9m subscribers but the nation’s third largest platform behind Freeview and Sky.
UNder the terms of the buy-out, Liberty Global is re-domiciling from the US to the UK through the creation of a new UK Plc holding company.
Liberty Global Plc’s shares will replace those of the former Liberty Global Inc on the NASDAQ which, along with shares in Virgin Media, will cease trading at market close on June 7, 2013.
Virgin Media’s dual UK listing will also be cancelled with effect from 8:00 A.M. London time on June 10, 2013.
Mike Fries, President and CEO of Liberty Global, said, “This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media. Together we now provide over 47 million video, voice and broadband services to 25 million customers located principally in 12 European countries.
“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.”
Tom Mockridge, who joins Virgin Media as CEO with immediate effect, added: “I am fortunate to be joining the company at this important inflection point in its development, and look forward to working closely with Mike and the broader Liberty Global team to deliver cutting-edge products and services that excite and inspire our customers.”
