Liberty Global snaps up Swiss cableco
Cablecom IPO shelved
Cablecom - Switzerland's largest broadband cable company - has agreed to be gobbled up by cable TV giant Liberty Global.
Details of the $2.2bn deal came a day after the Swiss TV, phone and internet outfit announced plans to float the business. That IPO has now been scrapped and instead Cablecom looks set to join the growing empire of Liberty Global.
Cablecom has more than two million video, voice and data subscribers in what Liberty Global describes as "one of Europe's most attractive telecommunications markets".
"With 80 per cent video penetration, limited satellite and data competition, and strong operating cash flow, Cablecom fits perfectly into our long-range growth plans," said Liberty Global in a statement.
Once the deal is completed next month Liberty Global is tipped to be the largest broadband cable operator in 11 of its 14 European markets with around 17m subscribers. ®