Liberty Global Closes Virgin Media Purchase

U.K. cable operator has 4.9M subscribers

By Mike Farrell, Multichannel News -- Broadcasting & Cable, 6/7/2013 12:30:14 PM

Liberty Global said Friday it has closed on the purchase of Virgin Media, the U.K. cable company with about 4.9 million customers, for $24 billion in cash and stock.

Liberty first announced the deal in February.

"This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media," Liberty Global CEO Mike Fries said in a statement. "Together we now provide over 47 million video, voice and broadband services to 25 million customers located principally in 12 European countries. With superior network capacity, the fastest broadband speeds and innovative digital TV platforms, we've never been more excited about the growth potential and strategic direction of our business."

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