Liberty Global to buy rest of Telenet for $2.56B
ENGLEWOOD, Colo. (AP) — Liberty Global Inc. says it wants to buy the rest of Belgian cable TV provider Telenet Group Holding NV for about $2.56 billion.
The Englewood, Colo.-based broadband Internet and telephone provider has been the Belgian cable provider's controlling shareholder since 2007 and owns 50.4 percent of Telenet's outstanding shares.
Liberty is offering to buy the shares it doesn't already own for 35 euros ($45.66) per share. The company says the deal values all of the company's shares not currently held by it or Telenet at about 1.96 billion euros ($2.56 billion).
The deal is subject to Liberty increasing its holdings to 95 percent of the company's shares. No further regulatory approvals are required.
The news sent Telenet's Belgian shares up 13 percent to 34.99 euro ($45.65) in Europe's afternoon trading.