Liberty Global to get EU clearance for Virgin Media bid
08 April 2013 | Mitch Sayers
Liberty Global will receive unconditional EU clearance for its $15.8 billion equity value bid for Virgin Media, sources close to the deal have said.
The acquisition, totalling at approximately $23 billion including debt, would see Liberty’s controlling shareholder John Malone gain added leverage in his satellite war with rivalling Rupert Murdoch’s BSkyB entity. Malone and Murdoch first contested control of US satellite TV broadcaster DirecTV Group ten years ago.
The European Union competition authority is reportedly set to announce its decision by April 15 with one source commenting the body “does not have any competition concerns about the deal".
The deal would see approximately 80% of the US-based company’s revenue coming from European countries.
All parties declined to comment on the situation.