Business News

Published: Wednesday February 6, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:36:53 AM

Liberty Global to buy Virgin Media for US$15.75bil

NEW YORK: John Malone's Liberty Global Inc struck a deal to buy British cable group Virgin Media for about 10.05 billion pounds ($15.75 billion), a move that would put the U.S. billionaire up against old rival Rupert Murdoch.

Liberty and Virgin said in a statement on Tuesday that under the terms of the deal, Virgin Media shareholders will receive $17.50 in cash, 0.2582 Liberty Global class A shares and 0.1928 Liberty Global class C shares for each Virgin Media share. Using Tuesday's closing prices for those shares, that implies a value of $47.02 for each Virgin Media share.

Virgin Media is the second-biggest pay-TV provider in Britain behind Murdoch's satellite group BSkyB. - Reuters

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