Liberty Global to increase its stake in Belgian cable operator Telenet by 7.7M shares for around €160M

October 13, 2005

1 Min Read

DENVER -- Liberty Global, Inc. ("Liberty Global") (Nasdaq: LBTYA - News, LBTYB - News, LBTYK - News) today announced that in connection with the initial public offering of Telenet Group Holding N.V. ("Telenet"), expected to close on October 14, 2005, it has agreed to purchase, through a wholly-owned subsidiary, 7,722,918 shares in Telenet for an aggregate cash purchase price of approximately euro 160 million. Of the 7,722,918 shares, 3,056,645 will be purchased from existing shareholders as a substitute for exercising preemptive rights with respect to the primary shares sold in the offering.

The remaining 4,666,273 shares will be acquired from Liberty Global's co-investors in Telenet, namely affiliates of Evercore Partners, Caisse de depot et placement du Quebec and Merrill Lynch Private Equity. As a result of the purchases, Liberty Global and Belgian Cable Investors, a partnership majority owned and controlled by Liberty Global, will increase their combined economic ownership in Telenet from 14% to just under 20% but will continue to exercise voting control over a total of 21.3% of the Telenet shares. Belgian Cable Investors additionally holds call options to acquire an additional 25,418,826 shares in Telenet, or approximately 25% of the total shares that will be outstanding following the offering. The call options are priced at euro 20 per share as to 6,750,000 shares and euro 25 per share as to 18,668,826 shares.

Liberty Global Inc.

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