Liberty Media International acquires 14% indirect interest in Belgian cable operator Telenet

October 25, 2004

1 Min Read

ENGLEWOOD, Colo. -- Liberty Media International, Inc. (Nasdaq: LBTYA - News, LBTYB - News; LMI) announced today that it has agreed to purchase preferred and common equity in a subsidiary of Cable Partners Europe (CPE), Callahan Associates Holdings Belgium (CAHB). CPE will use a majority of the proceeds to repay CPE Notes held by LMI. The net additional cash investment by LMI is approximately $23 million. As a result of the transaction, LMI will be the control shareholder of CAHB which will hold an approximate 14% indirect interest in Telenet. Telenet is the largest cable operator in Belgium with 2.5 million RGUs located primarily in the Dutch speaking Flanders region of Belgium. The transaction is expected to close before the end of the year.

CAHB holds its interest in Telenet through a holding company that controls approximately 21% of the voting power associated with the issued and outstanding shares of Telenet. Other shareholders of the holding company include Evercore Capital Partners, CDP Capital Communications Belgique and ML Private Equity Associates.

John C. Malone, Chairman, President and Chief Executive Officer of LMI stated, "Telenet's management and shareholders have built a well run cable operation that is successfully delivering video, data and voice services throughout the Flanders region in Belgium. We are very pleased we were able to constructively restructure CPE so that we can work together with the management team and other shareholders in support of the continued success and growth of the business."

Telenet

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