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Liberty, UGC complete merger
As expected
Cable TV giant Liberty Media International, Inc. (LMI) and broadband outfit UnitedGlobalCom, Inc. (UGC) have completed the merger they agreed earlier this year.
The deal was closed yesterday with an overwhelming majority of shareholders voting in favour of the merger.
As a result of the deal, Liberty Global has become the new parent company of LMI and UGC.
With operations in 18 countries and networks that pass nearly 23 million homes, Liberty Global has become one of the largest broadband services companies in the world.
Said chairman John Malone in a statement: "As our operations in Europe, Japan and Chile have demonstrated over the last five years, the broadband video, voice and data business outside the US is a fantastic growth story."
He added that the company was well placed to expand in Europe and Japan.
Last month UGC bought NTL's cable business in Ireland for €325m (£222m). ®
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