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Parent company buys UPC, Ziggo
The U.S. parent company of UPC, Liberty Global, has signed an agreement on the acquisition of Ziggo. If the acquisition is approved will the UPC’s parent company owned 90 percent of Ziggo. The name UPC will then disappear in the Netherlands.
Ziggo Ziggo and Liberty Global have the agreement on readmission Monday announced after the company last Friday indicated that “progress” was in takeover talks with the parent company of UPC, Liberty Global. The U.S. company will pay about 10 billion euros for his rival. The purchase price consists partly of cash and partly in shares.
After acquiring a nationwide cable provider, formed according to the joint statement by Ziggo and Liberty Global. “That will be the name of Ziggo get,” said Ziggo spokesman Gradus Vos. This means that the name of UPC will disappear in the Netherlands. The activities of the new provider will be housed at the headquarters of Ziggo Utrecht. It is not yet clear whether taking jobs lost.
The acquisition is subject to approval, by both the shareholders of Ziggo, which went public in 2012, and by the competition authorities. Along with Ziggo, UPC gets after taking a stake of 90 percent in the cable market. The two cable companies together have almost all of the Netherlands in the hands, with the exception of Zeeland. However, the cable companies do not compete directly, each region has a cable provider.
The U.S. parent company of UPC, Liberty Global, admitted in October that it has done on Ziggo a takeover bid. That offer was turned down, however, because Ziggo it did not high enough. Since then negotiated the two cable companies about a new bid. Liberty Global had been a part of Ziggo hands.Viewing:-108
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