Liberty Global said EU merger watchdogs seem likely to extend their examination of its planned purchase of Ziggo for €4.9 billion. “The European Commission has nearly completed its phase one investigation into our proposed acquisition of Ziggo,” Chief Executive Officer Mike Fries said. “The case is likely to move to a second phase at the EU level. No final decision has been taken, but we continue to expect closing to occur in the second half of 2014.”
The company plans to start a tender offer in about one month’s time, and looks forward “to demonstrating the benefits that this strategic combination will bring to Dutch consumers and businesses,” he said.
Liberty Global has reported Q1 revenues rose 70 per cent to $4.53 billion helped by a gain in subscriptions. The company provided 49 million subscription services at the end of the quarter in March, up by 370,000 from December 31st.
“Based on this strong start to 2014, we remain confident in our ability to achieve our public guidance targets,” Fries said.
Liberty Global said it bought back almost $400 million of its stock in the first quarter and is committed to buying back a further $3.1 billion in the period from April 1st through December 2015.
Liberty Global also said it gained over 250,000 more next generation Horizon TV and TiVo customers in the first quarter. It has 550,000 Horizon TV subs and 2.1m for TiVo in the UK.