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You are here: Announcement

Liberty Global to acquire Virgin Media for $23.3bn

By BFN News
Wednesday 06 February, 2013 at 07:08 AM

Virgin Media reported revenue up 2.7% at £4.101bn for the year to end-December; up 1.6% to £1.04bn for the fourth quarter. In another statement, the group said it has entered into an agreement, subject to shareholder approvals, pursuant to which Liberty Global will acquire Virgin Media in a stock and cash merger valued at approximately $23.3bn. OCF1 was up 4.0% to £1,654m for the year; up 4.4% to £442m for the quarter. Operating income was £699m for the year; £209m for the quarter. FCF2 was down 4.9% to £473m for the year; down 1.4% to £138m for the quarter. Net cash provided by operating activities of £1.04bn for the year; £232m for the quarter. The average number of shares in issue reduced 12% in the year with the repurchase of 21m shares. Cable revenue was up 3.0% for the year; up 3.8% in the quarter. Net cable customer additions were 88,700 in the year, 42,700 in the quarter. Cable ARPU was up 2.1% to £48.87 in the quarter. TiVo customers increased 896,900 in the year, 187,300 in the quarter. Paying TV customers increased 210,000 in the year, 59,900 in the quarter. Superfast broadband customers (30Mb and above) increased 1.5m in the year, 419,400 in the quarter. Business division revenue was up 5.2% for the year; down 4.5% in the quarter. Neil Berkett, CEO, said: "2012 was a year of record cable customer growth, where mainstream demand for superfast broadband and TiVo has led to lower churn and a strong increase in new subscribers. Combined with growth in our business division, we have delivered solid financial progress." Story provided by

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