The European Commission has approved Liberty Global’s recently increased and controlling ownership position in Telenet Group Holding NV. As previously announced on November 13, 2006, Liberty Global exercised options that increased the Company’s ownership in Telenet to 28.07%. With today’s regulatory approval, Telenet will be consolidated for financial reporting purposes beginning January 1, 2007 and Liberty Global intends to nominate a majority of Telenet’s Board of Directors.
Mike Fries, President & CEO of Liberty Global said, “We are pleased to receive today’s regulatory approval and we are comfortable with our beneficial ownership position, including warrants, of approximately 30% in Telenet. We remain very supportive of the management team and believe the business has strong growth prospects.”
Telenet’s business comprises the provision of cable television, high speed internet, and fixed and mobile telephony services, primarily to residential customers in Flanders and Brussels. In addition, Telenet offers services to businesses under the brand Telenet Solutions. Recently, Telenet acquired the two Belgian networks from UPC in the cities of Brussels and Louvain. Telenet serves 1.6 million homes and has around 250,000 digital television homes.