As anticipated by Mike Fries, President and CEO of Liberty Global when participating in the TV Summit at ANGA COM in Cologne, the cable MSO has confirmed that, following shareholder approvals, regulatory approvals and other customary closing conditions, it has completed the previously announced acquisition of UK quad-play operator Virgin Media in a stock and cash merger valued at approximately $24 billion.
Fries described the event as “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. Virgin Media will continue to thrive under the leadership of Tom Mockridge who starts as CEO today, with the support of a fantastic management team which includes both Liberty Global and Virgin Media executives.”
Mockridge said that Virgin Media had become one of the UK’s most powerful media brands thanks to both the loyalty of its customers and the energy of its employees. “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,” he added.
As a result of the closing, Liberty Global, a public limited company organised under the laws of England, has become the new public parent company of Liberty Global, Inc. and Virgin Media. Liberty Global’s Class A, Class B and Class C ordinary shares will begin trading on the NASDAQ Global Select Market on June 10, 2013 under the same symbols: LBTYA, LBTYB and LBTYK. The shares of both Liberty Global, Inc. and Virgin Media will cease trading at market close on June 7, 2013 and will be de-registered under securities laws. The listing of Virgin Media’s common stock on the Official List and the admission of those shares to trading on the Main Market of the London Stock Exchange will be cancelled with effect from 8:00 A.M. London time on June 10, 2013.