Liberty Global closes on $24B Virgin Media deal
Liberty Global completes $24 billion acquisition of Virgin Media, creating cable giant
DENVER (AP) -- Liberty Global plc has completed its roughly $24 billion acquisition of Virgin Media Inc., the companies said Friday, creating one of the world's largest providers of cable TV, Internet and phone service.
Liberty, a cable TV and Internet provider controlled by media mogul John Malone, said in February that it planned to acquire Virgin for $17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for every Virgin Media share. Malone controls Liberty Global through super-voting Series B shares, of which he controls 86 percent.
The deal expands Liberty's global reach with Virgin's U.K. presence. The combined company offers video, voice and broadband services to 25 million customers, mainly in Europe.
Liberty Global is now the parent company of Liberty Global Inc. and Virgin Media. Liberty Global's Class A, Class B and Class C shares will begin trading on the Nasdaq on June 10, under the same symbols: LBTYA, LBTYB and LBTYK. The shares of both Liberty Global Inc. and Virgin Media ceased trading Friday.
