Liberty Global has completed the acquisition of Virgin Media in a stock and cash merger valued at around $24 billion (€18.26 billion).
This follows shareholder approvals, regulatory approvals and other customary closing conditions and comes four months after the deal was first announced.
As part of the agreement, Liberty Global, a public limited company organized under the laws of England, has become the new public parent company of Liberty Global Inc and Virgin Media.
Commenting on the completion, Mike Fries, president and CEO of Liberty Global, said: “This is a great day for customers, employees and shareholders of both Liberty Global and Virgin Media. 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. Virgin Media will continue to thrive under the leadership of Tom Mockridge who starts as CEO today, with the support of a fantastic management team which includes both Liberty Global and Virgin Media executives.”
Tom Mockridge, CEO of Virgin Media, added: “Virgin Media has become one of the UK’s most powerful media brands thanks to both the loyalty of its customers and the energy of its employees. I am fortunate to be joining the company at this important inflection point in its development, and look forward to working closely with Mike and the broader Liberty Global team to deliver cutting-edge products and services that excite and inspire our customers.”
