John Malone's Liberty Global Offers $2.5B For Belgian Cable Operator Telenet

John Malone’s international cable company, Liberty Global, already holds about 50% of Belgium’s largest cable operator. It is now offering $2.54B to acquire the remainder. In a statement, Liberty said it would pay 35 euros ($45.34) cash per share, a 14% premium. Liberty Global president and CEO Mike Fries 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… As a long-term, industrial player in European cable, this shows our commitment to the Belgian market.” Liberty Global operates in 13 countries outside the U.S. and has 20M subscribers.The Telenet board said it will review and analyze the offer. Today, Telenet upgraded its full-year 2012 outlook on revenue growth to 7-8% from an initial 5-6%. The company said the optimism was driven by an upswing in multiple-play, digital TV and other subscribers.

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