Virgin Media confirms approach by Liberty Global
Global cable company to bid for UK operator
By Gaurav Sharma | CFO UK | Published 10:41, 05 February 13
UK’s Virgin Media has confirmed that it was the subject of an approach by Liberty Global about a possible takeover bid.
In a statement on Tuesday, the company said, "Virgin Media confirms that it is in discussions with Liberty Global, a leading international cable company, concerning a possible transaction. Any such transaction would be subject to regulatory and other conditions."
Neither party has given details about the discussions. Liberty Global, a cable group fronted by businessman John Malone, is presently active in 13 countries, including 11 in Europe.
Virgin Media, which touts itself as a UK quad-play (cable TV, internet, landline and mobile telephony) operator, is valued at US$10.6 billion. It was created out of the merger of NTL, Telewest and Virgin Mobile.
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