Liberty Global to acquire Telenet

Liberty Global is planning to acquire Belgian cable operator Telenet.

Liberty Global, currently a majority shareholder of Telenet, has made an offer of €35 per ordinary share for the remaining stake in the operator. Through its wholly-owned subsidiary, Binan Investment, LG owns 50.4% of Telenet’s outstanding issued share capital.

Mike Fries, President and chief executive officer of Liberty Global, said: “We believe this is the right time for Telenet to become a wholly-owned part of Liberty Global’s pan‐European platform in its next stage of development, particularly in light of the competitive and regulatory outlook in Belgium. We are proud of the success Telenet has achieved over the years and of the many innovations it has brought to Belgian consumers.”

As a long‐term, industrial player in European cable, this shows our commitment to the Belgian market. Telenet is one of our most successful operations and a core part of our growing pan‐European platform. We remain very supportive of the existing management team and employees at Telenet, all of whom have contributed to the company’s success. We will continue our focus on investments and product innovation in Belgium.”

The announcement came as Telenet said it had upwardly revisied its full year outlook. For the full year 2012, the operator now targets revenue growth of between 7-8% compared to between 5-6%, driven by growth in the number of multiple-play, digital TV, Sporting Telenet and Fibernet subscribers and a growing contribution from Telenet’s mobile telephony operations.

At the end of June, 38% of Telenet’s subscribers took triple-play services. Digital TV subscribers numbered 1.472 million, up 17% year-on-year.