AMSTERDAM-- Liberty Global PLC has agreed to buy Ziggo NV in a
stock and cash deal that values the Dutch cable company at EUR6.9
billion ($9.44 billion)
Liberty Global, media mogul John Malone's international cable
holding company, already owns 28.5% of Ziggo and has been in talks
with the Dutch company since August. Ziggo said in October that it
had rejected the offer but remained in talks with Liberty Global
about a potential deal.
Under the terms of the agreement, which has the full support of
Ziggo's management and supervisory board, Ziggo shareholders will
get EUR11 in cash and 0.2282 Liberty Global Class A ordinary shares
and 0.5630 Liberty Global Class C ordinary shares. Based on Liberty
Global's share price on Jan. 24, 2014, the offer implies a price of
approximately EUR34.53 per Ziggo share.
Including debt the deal values Ziggo at EUR10 billion.
Liberty Global will merge Ziggo with its wholly owned Dutch
cable operator, UPC, creating a stronger domestic rival for Dutch
telecommunications company Royal KPN NV.
Write to Robin van Daalen at robin.vandaalen@wsj.com
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