Liberty Global buys Virgin Media for $23.3 billion | business | Hindustan Times
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Liberty Global buys Virgin Media for $23.3 billion

US-based cable operator Liberty Global said late Tuesday that it will acquire Virgin Media in a stock and cash merger valued at $23.3 billion, eyeing key strategic markets in Europe.

business Updated: Feb 06, 2013 22:08 IST

US-based cable operator Liberty Global said late Tuesday that it will acquire Virgin Media in a stock and cash merger valued at $23.3 billion, eyeing key strategic markets in Europe.

The deal hopes to create “the world’s leading broadband communications company”, which would cover 47 million homes and serve 25 million customers in 14 countries, the two groups said in a joint statement.

It said the new company will focus on “the strongest and most strategic markets in Europe, with the scale to be at the forefront of technological change for customers.”

The companies hailed what they called “complementary strengths across product suite, with aligned triple-play products, roadmap and expertise across digital TV, broadband and telephony services.

Meanwhile, Liberty’s chief executive Mike Fries said it won’t change Virgin Media’s strategy on network roll-out and content. Virgin Media CEO Neil Berkett said he would step down after the deal closed.

John Malone’s Liberty Global struck a deal late on Tuesday, a move that would put the US billionaire up against old rival Rup–ert Murdoch. afp & reuters