US cableco Liberty Global’s US$23.3bn takeover of UK counterpart Virgin Media is set to close after being cleared by shareholders on both sides.
Virgin’s shareholders voted in favour of the deal today after Liberty’s vote yesterday.
The voting…
US cableco Liberty Global’s US$23.3bn takeover of UK counterpart Virgin Media is set to close after being cleared by shareholders on both sides.
Virgin’s shareholders voted in favour of the deal today after Liberty’s vote yesterday.
The voting represented the final hurdle in the way of closing the acquisition, which sees John Malone’s Liberty become the largest cableco in Europe. The companies expect to close the deal on or about 7 June.
As part of the deal, Liberty will shift its official domicile from Delaware in the US to the UK as it becomes a subsidiary of a new UK plc holding company.
Liberty also announced today that Dana Strong, managing director of its Irish subsidiary, will be replacing Andrew Barron at Virgin Media as COO.
Strong will be joining Virgin Media’s new CEO Tom Mockridge and incoming CFO Robert Dunn.
Upon closing the deal, Liberty will have a presence in a total of 14 countries: Chile, Puerto Rico, as well as 12 in Europe.
LionTree Advisors is Liberty’s lead financial adviser, with Credit Suisse also providing financial advice while acting as sole global coordinator for the deal’s debt financing. Shearman & Sterling and Ropes & Gray are providing legal advice.
Goldman Sachs and JP Morgan are financially advising Virgin Media. Fried Frank and Milbank are serving as legal counsel. Goldman Sachs also acted as corporate broker to Virgin Media.
