Liberty Global increases Telenet stake
US cable company Liberty Global has increased its stake in Belgium’s Telenet from 50.2% to 58.4%.
Liberty has been the controlling shareholder in the company, which offers TV, broadband, fixed telephone and mobile services, since 2007.
The cable group offered to acquire the remaining stake in Telenet it did not own for €1.96 billion in September 2012 and following this launched a cash offer in December for Telenet’s share and securities.
Liberty Global said that through the latest stake increase it intends to align the strategy and operations of Telenet with the rest of the group.
The company is reviewing the organisation, governance and reporting structure at Telenet with the intention of integrating the management of the company more closely with its European operations.
“We remain committed to investing in growth opportunities for Telenet, maintaining its position as a leading innovator in the Belgian market, and delivering best-in-class services to its customers. We believe that this is the right time for Telenet to be more closely integrated within our pan-European platform and in an environment where scale is paramount, we believe that closer integration will benefit all Telenet stakeholders,” said Mike Fries, president and CEO of Liberty Global.