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Liberty Bid for United-GlobalCom Would Create Broadband Giant

Authored by Mark Hefflinger on January 19, 2005 - 8:00am.
Paris -- Liberty Media International, the U.S.-based cable group controlled by media mogul John Malone, has made a $3.5 billion cash and share bid to acquire the rest of European affiliate United-GlobalCom (UGC) that it does not already own. Liberty chairman, president and CEO Malone described the deal as a "merger of equals," which stands to create one of the largest broadband services companies outside the U.S. Industry experts say a successful bid would considerably strengthen Liberty's plans to expand its ownership of cable TV assets in Eastern Europe. UGC, already 53% owned by Liberty, is currently Europe's largest cable-TV operator, with more than 9 million customers in 15 countries. The deal, which Liberty expects to complete by this summer, must still be approved by shareholders.
tags: Bid | Liberty | United-GlobalCom | Broadband Giant |