|[July 17, 2014]
Liberty Global Acquires a 6.4% Stake in ITV, the Leading Commercial Broadcaster in the U.K.
DENVER --(Business Wire)--
Liberty Global (News - Alert) plc (NASDAQ: LBTYA, LBTYB and LBTYK):
Acquisition of ITV Shares
Liberty Global plc ("Liberty Global" or the "Company") (NASDAQ: LBTYA,
LBTYB and LBTYK) announced today that it has acquired 259.8 million
shares in ITV plc ("ITV") from British Sky Broadcasting Group plc for
total consideration of approximately GBP 481 million. As a result of
this investment, Liberty Global will own approximately 6.4% of ITV.
Mike Fries, Liberty Global's Chief Executive Officer, commented "This is
an opportunistic and attractive investment for us in our largest cable
market. ITV is the leading commercial broadcaster in the U.K. and we're
excited to be shareholders."
Liberty Global intends to finance the acquisition of ITV shares through
a combination of a loan linked to a hedging transaction that would be
secured by ITV shares and existing liquidity. With this level of
investment, no regulatory approvals are required.
U.K. Takeover Code Note
Liberty Global confirms that it does not intend to make an offer to
Although Liberty Global does not intend to make such an offer, for
the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the
"Code"), Liberty Global does reserve the right, in the circumstances set
out in Note 2 to Rule 2.8 of the Code or with the consent of the
Takeover Panel, to announce an offer or possible offer or make or
participate in an offer or possible offer for ITV (and/or take any other
action which would otherwise be restricted by Rule 2.8 of the Code)
within the next six months following the date of this announcement. A
copy of this announcement will be made available on Liberty Global's
About Liberty Global
Liberty Global is the largest international cable company with
operations in 14 countries. We connect people to the digital world and
enable them to discover and experience its endless possibilities. Our
market-leading triple-play services are provided through next-generation
networks and innovative technology platforms that connected 25 million
customers subscribing to 49 million television, broadband internet and
telephony services at March 31, 2014.
Liberty Global's consumer brands include Virgin Media, UPC, Unitymedia (News - Alert),
Kabel BW, Telenet and VTR. Our operations also include Liberty Global
Business Services, our commercial division and Liberty Global Ventures,
our investment fund. For more information, please visit www.libertyglobal.com.
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JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OR REGULATIONS OF SUCH JURISDICTION
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